ECONOMIC CALENDAR:
Tuesday Aug24, 10:00AM ET – Existing Home Sales
Wednesday Aug25, 8:30AM ET – Durable Goods
Friday Aug27, 8:30AM ET – GDP
EARNINGS:
Tuesday: Burger King (BKC)
Wednesday: Guess (GES), TIVO (TIVO), Toll Brothers (TOL)
Thursday: Novell (NOVL)
conshmillo 1:31 am on August 23, 2010 532 days ago Reply
Earnings rush is over. There are very few earnings reports this week. As I said on Friday, Dow broke it’s 10,193 support. If you look at DIA there is also a nasty gap between Thursday’s close and Friday’s open. Next support is at 9,973, and I believe with GDP report due on Friday, we’ll visit this support this week. Whether we’ll continue to go further below 9,973 or bounce off it depends on what the GDP report reveals. Cautious investors will be most probably pulling some money out of the markets before the report which will cause at best sideways action during the week. So I expect this week market to continue down.
After the GDP report is out at the end of the week, I expect technicals to be in place for bounce back. So hopefully in the beginning of September we can see a bit of the upward action.
There are some nice Apple rumors starting to circulate around and so if market indeed tanks some more by the end of this week, it should be a good opportunity to load up some short term Apple plays then.
Nicu 7:02 am on August 23, 2010 532 days ago Reply
You should not forget that any week passing, the chances of the 10M iP4 announcement are growing closer and closer to 100%. It’s on sale for 10 weeks already and for some time in 22 countries
– they had some time to ramp up production and selling everything they have in stock.
And unless they keep the bomb for some special event, they will not “forget” to trumpet it !
mikeinmontreal 7:11 am on August 23, 2010 532 days ago Reply
That may be the reason the rumors are pointing to a mid-September iPod event. Announce huge iPhone sales and let WS figure out the last 2 weeks sales.
Nicu 7:44 am on August 23, 2010 532 days ago Reply
There should be 24 more countries in August (this week-end ?) so either they postpone it (like they did with the iPad due to huge demand) – but I do not think so given that it’s going to China in September (not 100%) – or that launch week-end would top off to 10M … wishful thinking ?
Anyway, during the keynote he said +24 in August, +40 in September for a total of 88 at the end of the quarter. I think/hope they allocated production of at least 12M for that.
mikeinmontreal 11:26 am on August 23, 2010 532 days ago Reply
I agree with Consh. Looks like a terrible week ahead. I wonder if we will retest 240.
nolavabo 9:43 am on August 27, 2010 528 days ago Reply
In TZA (3x bear Small Caps Index ETF) @ $37.81. Triple position.
Been stopped out of TWM, TZA and DZZ this week. Still believe the bears will win, so I’m back in again.
conshmillo 5:09 pm on August 27, 2010 527 days ago Reply
Week ended as expected. We revisited 9,973 (weeks low is at 9925.34). GDP numbers although weak, weren’t as bad as expected. Market responded positively and rallied 160 points today to 10,150. Unfortunately Wednesday momentum didn’t translate into AAPL being pinned to 250. On Thursday morning AAPL got as high as 245.75, but then continuous selloff into the close due to the uncertainty about Friday’s GDP numbers dragged the whole market down, AAPL included. Technically (dailies) we are now in a sweet spot as stochastic on DJIA/DIA crossed bullish which I believe should provide enough steam in next few days to get MACD to it’s own bullish crossover. I think combination of Apple’s media event on Wednesday with favorable technicals on both DJIA and AAPL itself should allow next week’s pin to be at least 250. Everyone have a great weekend!