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Apple Today - 8/29/2016 (AAPL)

seymour_greenz • August 29th 2016 09:30:09 AM

Good Morning,

Welcome back. NASDAQ Futures are up 3 with +4 Fair Value, S&P Futures are up 2 with +3 Fair Value and Dow Futures are up 10 as we wrap up August within the next few days and expect a flurry of incoming economic data on tap, including payrolls on Friday. Futures were down in early morning and hit a bottom at 4am before bouncing to even just ahead of 5am, then testing the lows again an hour later before turning green shortly before 7am and are at the highs as we approach the open.

Asian markets ended mixed. China went down 0.01%, Hong Kong dropped 0.38% and Japan shot up 2.30%. European markets are mixed. The UK is up 0.31%, Germany is down 0.06% and France is down 0.07%.

Commodities are almost universally down this morning. Oil is down 1.45%, natural gas is down 0.24% and gold is down 0.26%. Unleaded gas is down 1.42% and heating oil is down 1.12%. Metals are down, except platinum. Meat is mostly down. Cocoa, coffee, cotton, corn, wheat and soybeans are all down.

Markets set to open flat as investors digest Fed comments. US consumer spending advances for 4th consecutive month. Oil falls towards $49 on high output, strong dollar.

This afternoon after the bell, look out for earnings from Catalent (CTLT) and Prospect Capital Corporation (PSEC).

Tomorrow morning before the open, The Bank of Nova Scotia (BNS), Abercrombie & Fitch (ANF) and G-III Apparel Group, LTD. (GIII) are expected to report.


AAPL had a rough week, dipping 2.21% on low volume. On Monday, AAPL bobbed down below the 109-line, broke into the upper-107 area before ending at 108.5 on low volume. On Tuesday, AAPL ran up through fields of green, into the mid-109 area before encountering some clouds at the end of the day, ending just below 109 on very low overall intra-day volume. On Wednesday, the recently elusive AAPL bear crawled out onto the ice, pulling AAPL down to the upper-107 area but somehow managing to bounce above 108 by the end of day, all on low volume again. On Thursday, AAPL compressed down as low as the upper-106 area and then sprung back above 107.5, also on low volume. On OPEX Friday, AAPL landed down 0.59% on fairly light volume. AAPL opened down at 107.41 to high volume and quickly made a dash towards 108 on moderate volume that was rebuffed back to the low-107 area within 30 minutes before bouncing. After another 30 minutes, AAPL got within striking distance of 108, setting an intra-day high of 107.95 at 10:28am on moderate volume before beginning a moderate volume slide down into negative territory and then precipitously slipping over a full point to sub-106.5, setting a sharp low of 106.31 on high volume at 12:12pm before bouncing back. AAPL quickly recovered the upper-106 area and went on to reclaim the low-107 area later in lunchtime. AAPL spent the rest of the afternoon on a slow declining arc to the mid-106 area on low volume before showing some defiance after 3pm and recovering the low-107 area again shortly after 3:30pm on mild volume. AAPL sold off slightly into the close on moderate volume and ended the day down 63 cents and just below 107at 106.94 and dropped 4 more cents in after-hours to 106.90.

This morning in pre-market, AAPL opened lower in conjunction with Futures, setting a low of 106.56 at 4:29am before rising along with improving Futures, peaking above 107 at 107.12 at 8:44am before slipping. AAPL is currently down 3 cents at 106.91 as we approach the open.

Classic max-pain is 107.


Markets set to open flat as investors digest Fed comments:
http://www.reuters.com/article/us-usa-stocks-idUSKCN11413B?il=0

US consumer spending advances for 4th consecutive month:
http://www.bloomberg.com/news/articles/2016-08-29/consumer-spending-in-u-s-advances-in-july-for-fourth-month

Oil falls towards $49 on high output, strong dollar:
http://in.reuters.com/article/global-oil-idINKCN11407P

Mylan to offer a generic EpiPen at half price:
http://www.nytimes.com/2016/08/30/business/mylan-to-offer-a-generic-epipen-at-half-the-price.html?_r=0

China launches own aircraft engine-maker to rival the West:
http://www.bbc.com/news/business-37212009

Japan's first passenger jet had a nightmare weekend:
http://money.cnn.com/2016/08/29/news/companies/mitsubishi-mrj-japan-test-flight-problems/

The next 5 years for Apple:
http://www.usatoday.com/story/tech/2016/08/27/next-5-years-apple---podcast/89417248/

Galaxy Note 7 review:
http://www.zdnet.com/product/samsung-galaxy-note-7/

Fitbit's new Charge 2 is the follow-up to the best-selling Charge HR:
http://www.theverge.com/circuitbreaker/2016/8/29/12666722/fitbit-charge-2-fitness-tracker-heart-rate-gps-breathe-meditation

Unhappy gamers receive "No Man's Sky" refund from Steam, Amazon and Sony:
http://www.techtimes.com/articles/175332/20160829/unhappy-gamers-receive-no-mans-sky-refund-from-steam-amazon-and-sony.htm

John Ellenby, visionary who helped create early laptop, dies at 75:
http://www.nytimes.com/2016/08/27/technology/john-ellenby-visionary-who-helped-create-early-laptop-dies-at-75.html

Scientists progress toward 3D printed items that "remember" shape over time:
http://www.csmonitor.com/Technology/2016/0828/Scientists-progress-toward-3D-printed-items-that-remember-shape-over-time

Discovery of a new class of galaxies challenges our understanding of how galaxy formation works:
http://www.smithsonianmag.com/smart-news/discovery-of-a-new-class-of-galaxies-challenges-our-understanding-of-how-galaxy-formation-works-180960265/?no-ist

US FDA issues emergency use authorization for Zika test:
http://www.reuters.com/article/us-roche-zika-idUSKCN1140BL?il=0

Bad day to be a Norwegian reindeer:
http://www.theverge.com/2016/8/29/12688614/lightning-strike-kills-reindeer-norway


Today's Economic Calendar:
8:30 Personal Income and Outlays
10:30 Dallas Fed Manufacturing Survey


Notable earnings this afternoon after the bell: *CTLT*, PAHC, *PSEC*, SCSC, EXA, KZ, BEPTF

And tomorrow before the open: ADHD, ISLE, *BNS*, *ANF*, CBK, DSW, *GIII*, FRED, XPLT, DGRLY, ALBKF

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