Morning Call: Apple (AAPL) Nears 600 in Pre-Market to Lead Futures Higher
US stock futures are higher Thursday morning ahead of a clutch of data including manufacturing activity and jobless claims. It has been a quiet morning as the big bond debate is taking place across the world. Everyone is trying to figure out the longer term picture and the thesis behind it.
For a cocktail napkin technician like myself, the Ultrashort 20+ Year Bond ETF (NYSEArca:TBT) was a long with a close above $19.70 and the 20+ Year Bond ETF (NYSEArca:TLT) was a short with a close below $115.50ish. I will measure it along the way to see future direction for interest rates and potential ramifications. As of now rates rising is good, so is a strong dollar.
Yesterday the Stock market digested Tuesday’s gains well and the action continues. S&P resistance is yesterday’s high of 1399, with a real level at 1404-1407. Short term support is yesterday’s low of 1389 with a bigger level down at 1378-1382.
Apple (NASDAQ:AAPL) continues to lead the market higher, and is approaching $600 in the pre-market. The world’s most valuable company has been on a tear in 2012, up almost 50%. How much longer can AAPL run without another major pull-in?
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