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Apple Today - 6/20/2016 (AAPL)

seymour_greenz • June 20th 2016 09:30:33 AM

Good Morning,

Welcome back. NASDAQ Futures are up 58 with +52 Fair Value, S&P Futures are up 27 with +24 Fair Value and Dow Futures are up 214 as we kick off a new week on an economically quiet day and the potential easing of Brexit jitters. Futures were up significantly earlier and have gotten even stronger over the course of the morning and are now near the highs as we await the open.

Asian markets ended up. China went up 0.13%, Hong Kong gained 1.69% and Japan led the advance, up 2.34%. European markets are rallying strong today. The UK is up 3.26%, Germany is up 3.61% and France is up 3.49%.

Commodities are mixed this morning. Oil is up 1.81%, natural gas is up 1.79% and gold is down 0.86%. Unleaded gas is up 1.85% and heating oil is up 1.53%. Metals are mixed. Meat is down. Cocoa and cotton are up while coffee, corn, wheat and soybeans are down.

Janet Yellen to testify before congress and Britain to vote on Brexit. European history hovers close to reverse gear.

Tomorrow morning, look out for earnings from CarMax Group (KMX).


AAPL had a rough week, ending down 3.54% on light to moderate volume, with tremendous volume hitting on Friday. On Monday, despite Apple kicking off WWDC on stage with many new innovations, AAPL slipped from the upper 98-area to 97. On Tuesday, the AAPL innovation engine revved AAPL up to mid-98 early but stalled below 97 later, and bounced to mid-97 into the close. On Wednesday, the AAPL goldfish jumped up out of the 97-area above 98 only to flop back onto the 97-floor by close. On Thursday, AAPL opened down near 96 to spring back above the mid-97 area by close. On Friday, AAPL dropped 2.28% on huge volume. AAPL opened nearly a full point down at the intra-day high of 96.65 on high volume after a "report surfaced" that Apple may have Chinese IP issues relating to iPhone 6, 6 Plus that could halt sales in China. After opening, AAPL slipped towards 95 on moderate volume before bouncing into the upper 95-area where AAPL remained for the rest of the day until the last hour when AAPL slipped into the close, setting an intra-day low of 95.30. AAPL ended down 2.22 at 95.33. AAPL dropped 28 more cents in after-hours to 95.05.

This morning in pre-market, AAPL opened up strong in conjuction with Futures with an eye towards the mid-96 area, however as the morning progressed, AAPL conceded and moved closer towards 96. AAPL is currently up 68 cents at 96.01 as we approach the open.


Classic max-pain is 100.


Janet Yellen to testify before congress and Britain to vote on Brexit:
http://www.nytimes.com/2016/06/20/business/janet-yellen-to-testify-before-congress-and-britain-to-vote-on-brexit.html

European history hovers close to reverse gear
http://www.reuters.com/article/us-britain-eu-history-analysis-idUSKCN0Z5089

With Rajan out of the way, Modi needs to fix the economy:
http://qz.com/711022/with-raghuram-rajans-exit-modi-needs-to-do-what-hes-been-promising-reforms/

India opens the door for Apple retail:
http://fortune.com/2016/06/20/india-opens-the-door-for-apple-retail/

Apple loses, but really wins in China court ruling:
http://www.forbes.com/sites/dougyoung/2016/06/20/apple-loses-but-really-wins-in-china-court-ruling/#687e78d22eb4

Apple Watch now $49 at Best Buy with purchase of new iPhone:
http://www.cnet.com/news/apple-watch-cut-to-49-at-best-buy-with-purchase-of-new-iphone/

NVIDIA's new GPUs set a high bar:
http://www.forbes.com/sites/moorinsights/2016/06/20/nvidias-new-gpus-set-a-high-bar-for-hpc-and-deep-learning/#cbfb98b26207

Costco switches credit cards to Visa:
http://www.csmonitor.com/Business/Saving-Money/2016/0620/Costco-switches-credit-cards-to-Visa-What-you-need-to-know

NASA unveils electric plane:
http://www.csmonitor.com/Technology/2016/0619/Clean-skies-ahead-NASA-unveils-electric-plane


Today's Economic Calendar:
1:00 PM Results of $26B, 2-Year Note Auction


Notable earnings tomorrow before the open: *KMX*

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