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Apple Would Likely Test All-Time Highs On The Back Of Momentum Following Blowout Earnings
Apple Inc. (AAPL) reported profits in the second quarter of $11.6 billion, or $12.30 per share. That was nearly double the profits of $6 billion, or $6.40 per share, a year ago. Analysts had been expecting earnings of $10.07 per share. The company's stock price has become a very large part of the Nasdaq market and a driving force behind the S&P 500 index.
The price of the stock surged in afterhours trading and continued to move higher during most of the daily trading session. The stock fluctuated between a high of more than 10% to a low of up 8%. The strong upward momentum is likely going to create the force needed to test resistance near the recent highs of $644.
Support on the stock is seen near the 20-day moving average, which the stock pierced on Wednesday at $608. Additional support is seen near the 50-day moving average near $574. Additionally, there is a significant upward sloping trend line that connects the November low to the December and January lows, that created a slop that measures support near $550.
Momentum will likely reversed but the recent slide created significant negative momentum for the stock in the form of the MACD. Monday's trading session printed a recent low on the MACD in of -6.44, which means that the spread (the 12-day moving average minus the 26-day moving average is significant under the 9-day moving average of the spread.
The RSI (relative strength index, which measures overbought and oversold signals), moved from 35, which is the low end of the neutral range, to nearly 58.
Disclosure: I am long AAPL.
State Street Bullish Signs
New York, January 5th - Shares of State Street (NYSE:STT) ended the session higher by 1.1% amid a broad move in banks despite euro zone jitters, helped by encouraging employment figures. State Street price action formed what is considered to be a bullish engulfing candle that could very well signal continuation of trend or reversal on ongoing weakness.
A trough has formed State Street’s recent stock range, where calculated support was defined at $38.93 and resistance level at $42.59, which could be used by traders planning their trades.
Investors wanting to establish a position in State Street or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk as it shows where the bears were able to push the stock down, before the bulls stepped in.
State Street Corporation (NYSE:STT), through its subsidiaries, provides various products and services for the institutional investors worldwide. The company provides securities administration and investment management services. The company serves mutual funds, collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Stocks in Focus in After Hours: AIG, CVX, MGA, PCLN
Crude oil was trading above $99 per barrel, as violence and chaos in Libya continued as long-time dictator Muammar Gaddafi unleashed a violent crack down on protesters in an effort to cling to power. Reports that 25 to 50% of oil production from Libya has been impacted by the violence, coupled with increased speculation of potential unrest in other oil producing countries in the Middle East kept providing support to oil prices.
Chevron (NYSE:CVX) climbed 0.52% to $102.80, trading very close to its 52-week high of $103.94, which was posted earlier today when oil cross the $100 mark.
Priceline.com (NASDAQ:PCLN), the name your price travel website, was one of the biggest movers in after hours action. Priceline jumped 4.67% to $445.90, breaking above both its 50day moving average at $428.16 and its 20day moving average at $441.81 following reporting an upside earnings surprise. Priceline posted earnings of $3.26 per share, $0.17 better than consensus, on revenues that jumped 35.1% to $731 million. The company guided for the current quarter earnings per share in-line with consensus and revenues above estimates.
Other big mover in after hours was Magna (NYSE:MGA), as shares fell 6.2% to $52.25, trading below calculated support at $55.75 on negative reaction to its quarterly results.
And American International Group (NYSE:AIG), the insurance company, gained 0.40% to $40.16, ahead of its quarterly results. On average analysts expect a loss of $16.98 per share on revenue of $13.99 billion.