Wall street finished positive Thursday, but once again the S&P was unable to hold the gap up from the morning. After the close today giant Apple (AAPL) reported earnings, and the numbers were not pretty. The iPhone maker missed again on earnings and slightly on revenues, but the most concerning figure was Q1 guidance for 2013. The stock is trading lower in after hours trading but not as hard as it was seemed at the beginning closing almost all the gap into positive territory.
Let’s take a look at the charts of the indexes to see where the market is currently at. The S&P 500 has had two long ascending channels in 2012, with one setback of about 10% from April to June and it seems now is the 2nd one. We don’t know how big this correction will be but if we are looking backwards to April we can see that a bounce back to try to take the highs can still take place before selling of hard.
The NASDAQ has been much weaker in than the broad market Not only is is below April’s highs, it is even below the highs of early summer. It just on the hedge of the 200ma and didn’t really see major bounce yet.
2 Calls from the trading room: