Tuesday, August 13, 2013

AAPL Moving Big On Icahn-tweet

Yesterday's lows were successfully defended by the bulls. After a fast drop lower early in the morning, indices started bottoming and went back in the green near lunch. Next came a big 90-minute rip higher, followed by consolidation for the remainder of the session.

While tech made new highs, daily charts of other major indices are looking less attractive. Small caps were actually lagging today, staying in the red.

AAPL had a big day today, gaining over 5% at one point. That was because of a Carl Icahn-tweet who claims to have a large position in the stock and is seeing it as undervalued. AAPL is now trading close to the 500-level, which was previous support. But with the right momentum going on (follow-through tomorrow), maybe this level will not act as resistance, who knows...

5m-chart SPY:



Daily charts DIA, SPY, QQQ and IWM:



Euro, oil, metals
The euro continued to move lower, but still well above 1.32, a big support-area.
Oil made a move higher, comparable with indices.
Metals were mixed. Copper and silver were up slightly, gold was down 1.1%.

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