Today Dow dropped 100 points during mid day. However Apple brings Nasdaq positive now with a 16 points upward move. With the positive move by Apple, my immediate target is for it to reach 600 soon. 597 is my short term target. Now it is at 587.
Like what I said in previous articles, when Apple is on a roll, so is America stock market. And with holiday season coming up, it is on a roll. Monday is normally a day where by market makers try to go opposite to previous week movement. As last week is a fantastic up week, it is always normal that market makers will issue some bad news and concern about the market so that retailers sell. That is how they maintain liquidity, meaning create same number of buyers and sellers.
Marketwatch headline in pre-market open says market is concerned with Fiscal Cliff and Europe. Bull**** headline! These are just ways market makers do to try to dampen the bullish sentiment of the market, amid the good retail sales last Thanksgiving holiday and the good performance last week.
Do not be surprised that 2moro or the day after, this market suddenly bounce back up. When market makers sense the bullishness in the market, they will join in the fun to long after today's decline. Then after the run-up in mid week, Friday is often profit taking time.
Of course, some of the above mentioned are based on assumptions. But I have seen market makers do it again and again.With NYSE TRIN index at 1.33 today (above 1 represent bearishness and I normally use it as a contrarian indicator ), there is a good chance that Dow 2moro might be an up day.
Meaning Apple can have more chance on the upside 2moro!