AAPL's Roller Coaster Indeed

I posted AAPL Roller Coaster? at 5:04 and sad it was trading up around 3% at the time, it hit about 5% in after hours and closed the AH session at 1.25%. Tomorrow will be telling, but for a beat like that, this was weak AH trade. Although I also said in that post, "I don't concentrate too much on pre-post market trading." and there's one good reason.


As I mentioned and as you probably know, the stock market is supposed to be a discounting mechanism out into the future. I mentioned the problem with really good reports is that it may shift sentiment from a knee jerk rally to, "Wait, can they beat this number next quarter" and thus we have the "Sell the news" effect. It seems a little of that may have set into AH trade, but there have been some strange events surrounding AAPL the last 36 hours or so.


AAPL remains the fulcrum of the market tomorrow and probably the rest of the week. With nearly 20% of the NASDAQ 100 WEIGHTED IN AAPL, it's a stock that can single handedly move the market.


In several of the major averages and the NYSE listed stocks we had a singular dominant P/V relationship which was close up/Volume up.After 3 days of a similar co-dominance, it would seem likely to me that we have entered a 1-day overbought condition, especially as we did not have co-dominance today.


I'm going to run some scans and see what turns up. This earnings season hasn't yet provided any really exciting prospects, we'll see with AMR tomorrow.


I may post some more later tonight based on what the scans turn up.