Jan. 9, 2007 Stock Market Recap
Today was practically a replay of yesterday for the major indices. Volume did increase today and I think a good portion of that increase is due to all the action around Apple Computer Inc. and its iPhone announcement. It had a slight influence on trading in RIMM and PALM today:
I’ve included charts of RIMM and AAPL below along with the usual index charts…
The Naz remains range-bound…
The S&P continues to consolidate between its 50 and 10-day moving averages….
Over the last few days I’ve had a couple of requests for an Apple chart but I thought I’d wait for the big news to drop before posting the chart. I’m sure a lot of people (bears) thought there would be a sell-the-news reaction to the Newton, er, iPhone announcement but clearly they were mistaken. Apple blasted through December’s downward sloping trendline and is a hair away from a new all-time high. (It did make a new closing high today.)
A tough day for RIMM. This is its second big drop on volume of about 25 million shares in 10 sessions. It somehow recoved from the first drop… can it do it again?
No changes.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Down |
| Short-term | Up | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
This post has 8 comments
January 9th, 2007
RIMM made me very happy today. I even left some money on the table because the drop went far beyond my wildest expectations. I will rest for a few days before a mount another assault at this fantastic company. Ditto for AAPL. I am watching you AAPL and RIMM.
January 9th, 2007
I bought RIMM Feb07 135 puts, but didn’t have enough sense to buy some AAPL Feb07 90 calls. I couldn’t believe my eyes to see AAPL deliver +8% in one single day. How many ATR’s is that ??
Anyways, either one is definitely worth watching for further opps.
January 9th, 2007
I was lucky enough to get in on some apple but I exited way to early.
January 9th, 2007
I got a rock.
January 10th, 2007
I took the apple inc. calls for a double bagger in only a few days, and gobbled up some RIMM Calls today as it held it’s 50MA, and should it bust, I’m outta there, but we’ll see….RIMM is like a powerlifter, you can’t keep it down! Buy the dips!
January 10th, 2007
Exiting RIMM and waiting for a break of the range to even consider reentering. Making 3 moves of 2xATR, in different directions, in one month? Weird.
January 10th, 2007
any indications RIMM is going to tank in the next few weeks?
January 10th, 2007
Any chance RIMM will drop in the near future?