Home > Apple Trading Strategies, Stock Market Strategy > WALL STREET CRAPS MARKET OBSERVATIONS FOR JULY 10, 2013

WALL STREET CRAPS MARKET OBSERVATIONS FOR JULY 10, 2013

July 10th, 2013

MARKET OBSERVATIONS FOR July 10, 2013: The stock market continues to climb the proverbial “wall of worry” on the hope of reassuring news from the Fed. This current rally is in the position to challenge the market’s previous highs and may even surpass those May readings. But overall, this appears to be a time to wait for a pullback before it embarks on its challenge of the old highs.

Key market indicators show the following:

For now, my advice is to buy into any dip that is triggered by obvious bad news. Active broad-based exchange-traded funds to consider buying would include DIA, SPY, QQQ, SSO. The NYSE Summation Index shows that the market should be strong for several more weeks.

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The indicators for Apple (AAPL) read as follows:

  • Relative Strength Indicator = 50 neutral
  • Ultimate Indicator = 58 and heading higher
  • Money Flow Indicator = 29 with lots of room to move to the upside
  • 50-Day Bear Market Moving Average = 427

The stock of Apple is in a position to go in either direction but seems to have an upwards bias. I was hoping for a retest of the old lows but got surprised by a Wall Street analyst’s “strong buy” recommendation that moved the stock up sharply for several days. It has since retraced some of those gains, but may be ready to rally again shortly.

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