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Apple Today - 9/12/2016 (AAPL)

seymour_greenz • September 12th 2016 09:41:01 AM

Good Morning,

Welcome back. NASDAQ Futures are down 17 with -25 Fair Value, S&P Futures are down 5 with -8 Fair Value and Dow Futures are down 46 with some continuing panic from Friday, Fed activity on the economic calendar and concerns regarding the potential of the Fed raising rates. Futures were down in early morning, hit a low shortly before 3:30am and struggled to stay afloat until bouncing sharply at 7:45am and are currently at the highs as we approach the open.

Asian markets ended down sharply. China dropped 2.39%, Japan went down 1.69% and Hong Kong led the decline, down 2.63%. European markets are also down sharply. The UK is down 2.70%, Germany is down 2.67% and France is leading the decline, down 2.84%.

Commodities are mostly down this morning. Oil is down 2.22%, natural gas is up 2.54% and gold is down 0.28%. Unleaded gas is down 0.44% and heating oil is down 1.62%. Metals are down. Meat is mixed. Cocoa, coffee, cotton corn, wheat and soybeans are all down.

Atlanta Fed's Lockhart says "Serious discussion" over rate rise warranted. Oil bears dominate market as doubt grows over output limits. HP buys Samsung's $1 billion printer business.

This afternoon after the bell, look out for earnings from United Natural Foods, Inc. (UNFI).

Tomorrow morning before the open, USA Technologies, Inc. (USAT) is expected to report.

AAPL had a rough event week, down 3.56% on moderate volume. On Tuesday, AAPL peeked up into the mid-108 area before slipping to end the day down in the mid-107 area on light volume. On Wednesday, the day of the event, AAPL went from the upper-107 area to the lower-107 area before the event even started and jittered around the mid-107 area as a new Apple Watch, 2 versions of iPhone 7 and AirPods were being officially unveiled. AAPL saw a "curious" late day surge after 3pm and broke towards 109, peaking at 108.76 ending the event day up on high volume. Thursday, however, AAPL opened to be shocked down a point lower starting off in the low-107 area and compressing down to the mid-105 area over the course of the day on high volume. On OPEX Friday, AAPL dropped 2.26% on high volume. AAPL opened down at 104.61 to high volume and initially fought back to turn green for a moment, setting an intra-day top of 105.72 on high volume before fizzling out to low-105 within minutes and turning red again on moderate volume. AAPL struggled along at 105 until shortly after 10:30am when AAPL began a further decline in conjunction with the broader market that dragged AAPL below 105 to 104 shortly after noontime on mild volume. Not content to stop there, AAPL continued fading through early afternoon and hit the low-103 area on moderate volume shortly after 2pm before bouncing back to a momentary recovery of 104 at 3:28pm on high volume and then rapidly crumbling to a fresh low of 103.13 at the close on heavy volume. AAPL ended the day down 2.39 at 103.13 and dropped 34 more cents in after-hours to 102.79.

This morning in pre-market, AAPL continued the lower momentum set in Friday's after-hours and set a pre-market low of 101.80 in conjunction with sour Futures and news on Apple scaling self-driving Titan car project plans before bouncing back towards 103 later in the morning with some optimism. AAPL is currently down 30 cents at 102.83 as we approach the open.

Classic max-pain is 105.


Atlanta Fed's Lockhart says "Serious discussion" over rate rise warranted:
http://www.reuters.com/article/us-usa-fed-lockhart-idUSKCN11I1A5?il=0

Oil bears dominate market as doubt grows over output limits:
http://www.bloomberg.com/news/articles/2016-09-11/oil-bears-dominate-market-as-skepticism-grows-over-output-limits

HP buys Samsung's $1 billion printer business:
http://www.bbc.com/news/business-37337989

Agrium and Potash Corp. to merge, creating fertilizer giant:
http://www.nytimes.com/2016/09/13/business/dealbook/agrium-and-potash-corp-to-merge-creating-fertilizer-giant.html?_r=0

JPMorgan warning investors to take care with US treasuries:
http://www.bloomberg.com/news/articles/2016-09-12/there-s-a-simple-reason-jpmorgan-is-warning-investors-to-take-care-with-u-s-treasuries
What AirPods can tell us about Apple's future:
http://www.macworld.com/article/3118892/iphone-ipad/what-airpods-can-tell-us-about-apples-future.html

Apple is said to be rethinking strategy on self-driving cars:
http://www.nytimes.com/2016/09/10/technology/apple-is-said-to-be-rethinking-strategy-on-self-driving-cars.html

Competing with the iPhone's specs is harder than it seems:
http://www.theverge.com/2016/9/12/12886058/iphone-7-specs-competition

How Pittsburgh became Uber's testing ground:
https://www.boston.com/news/technology/2016/09/11/no-driver-bring-it-on-how-pittsburgh-became-ubers-testing-ground

Tesla's Musk says Autopilot update would have prevented fatal crash:
http://www.zdnet.com/article/teslas-musk-says-autopilot-update-would-have-prevented-fatal-crash/

Two Israeli teens arrested for running major DDoS service:
http://www.theverge.com/2016/9/11/12878692/vdos-israeli-teens-ddos-cyberattack-service-arrested

New MIT camera will let you read a book without even opening it:
http://www.zdnet.com/article/new-mit-camera-will-let-you-read-a-book-without-even-opening-it/

Your hair as unique as your DNA:
http://www.csmonitor.com/Science/2016/0908/Is-your-hair-as-unique-as-your-DNA

Mars rover views spectacular layered rock formations:
http://www.jpl.nasa.gov/news/news.php?feature=6618

Evolution in action:
http://www.theatlantic.com/science/archive/2016/09/stunning-videos-of-evolution-in-action/499136/

Thai authorities downplay Zika risk, worried by tourism impact:
http://in.reuters.com/article/us-health-zika-thailand-idINKCN11I0JK


Today's Economic Calendar:
8:00 Fed's Lockhart speech
1:00 PM Results of $24B, 3-Year Note Auction
1:00 PM Results of $20B, 10-Year Note Auction
1:00 PM Fed's Kashkari speech
1:00 PM Fed's Reserve Gov. Lael Brainard speech


Notable earnings this afternoon after the bell: FARM, AGTC, PSDV, *UNFI*, BPMX

And tomorrow before the open: *USAT*, OCC

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