Tuesday, 3 April 2012

ISM is in-line with forecast, Apple target $1001!

Dear Friends,

Thankfully the market likes the in-line result of ISM report of 53.4% vs 53.5% forecast by Marketwatch. I would consider this result to be in-line although it differs by a meagre 0.1%.  After last Friday Bad Chicago PMI, the market thinks that this is a good result. I also think so!

That is the reason why Dow Jones begins its climb after 10am EST. Currently at midday, it is at its highest point. I would think 2moro should be a positive market in Singapore too. This bullishness may continue for next 2 days.

Today is an opportunity to enter some of the Big Caps in America. Apple will likely test $620 again after Topeka Capital upgrade them to $1001, using a forward P/E of 17. Now Apple P/E is probably around 13. I still think this run-up has potential to continue till its earnings mid of April.

Google also comes back to $645. I would like it to go past $650 before going in again. Mastercard is bullish after galloping back $10 to breakthrough $430. I still continue my target that it has potential to reach $447.

These are some of the Big Caps worth watching in US.

Regards
Daniel

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