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Brian Johnson from thestockmentor.com and a hard push up as the bulls find their footing for at least a day. I believe this will be a defining moment for the markets over the next few days. AAPL, of course, reported well and is way up in the afterhours but that was to be expected. I do expect a sideways day or a small pullback day tomorrow and if it happens I still have to give my bias to the bulls. The chart just is what it is!
After hearing about Apple's not-that-surprising earnings blowout, I wondered what a ratio chart between Apple and Research in Motion (two of the four "horsemen" – remember those?) would look like. It's not pretty, unless you are an AAPL shareholder:
It calls to mind a long article I read last night about where RIMM went wrong. One of the points the article made was that – – aside from the fact that the founder was totally obsessed with buying a hockey team for two years instead of, say, focusing on the competition – – RIMM pretty much stinks at promoting itself outside North America. This is important, since Apple is now taking in an amazing two-thirds of sales from outside the U.S.!
My only point in the above chart is that the 1330 level was firm support for a while. We have, in just a day's time, rocketed back near that level. It's a level worth watching.
