6% Rally on AAPL
After Friday’s extreme volume and reversal on AAPL, the stock is holding true to form today with a strong rally. Up almost 6% it is clearly outperforming the broader market. This move has been good enough to put the experiment into the green after a really rough start. I plan to hold AAPL (barring any major changes the rest of the day) until tomorrow morning. Historically, after a strong rally from AAPL, the stock will gap higher the next morning. I’m still looking for the $570-$580 level to be a small resistance and will be happy to pull the trade off there.
One of the interesting developments of the day is with the US dollar. It appears to have ended its small rally and as long as it stays below its 7 day moving average, metals like gold and silver are very intriguing plays higher. I may put my $380 in cash to work on some gold or silver into the close today.