A really quiet and lackluster day in the markets that was probably good and certainly not unexpected given all of the earnings and external news this week. Let’s just hope that this is not what passes for a bounce.


AAPL reported this afternoon and the numbers looked pretty good. While I was watching the stock had a 10 point swing in a matter of minutes. We will see what tomorrow brings. In the short term I would watch the 20 day MA above (209.68) and Fridays low below (197.16).

As for the SPY’s I think the only level that matters right now is 109. That would get us through Fridays low and through the 109.02 level stretching back to the end of November.

The 200 day MA (78.45) is keeping a lid on the dollar index for now so we are going to have to keep monitoring to see if it can poke through and what the effects on the market are. If things remain as they have that would be lower.

Again my approach to the markets tomorrow will be a wait and see. How is the market going to digest AAPL, TXN & AMGN? I think the Friday lows are every trading platform and people want to see if they hold when tested. If so buy dips to important support zones and moving averages and if they don’t batten down the hatches.

Take it easy for the next day or so there are a lot of things going on, let’s put them behind us.