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The yen is going INSANE tonight. Thanks to announcement about a $27 trillion (yes, trillion) yen package that the pinheaded Bank of Japan wants to slosh onto the public. the USD/JPY rocketed higher, blowing out stops all over the place. Then, bang-a-boo-bang, it completely reversed.
When I was a young boy, growing up in the suburban splendor of Louisiana, I had a very pleasant middle-class childhood. Even at a young age, though, children are able to discern who is more “middle class” than others. My father was a manager at a large international company, and we lived in this house……….
Since its recovery-rally high at 101 last Thursday, Apple Inc. (AAPL) has given back about 40% of the entire up move off of the 91.50 low on June 27.
Key support resides between 97.00 and 95.50 intraday. However, with earnings due for release after tonight’s close, my sense is that AAPL risk from either side of current levels around 97.00 is 5% to 6%, or 101-103 on the high side to 93.00- 91.50 on the low side in reaction to tonight’s news.
A spike that takes out the upper end of the range will confirm the completion of an April-July base-like pattern, while a break beneath 93.00-91.50 will point towards a full-fledged retest of the May low at 89.00.
Here is – gasp – a long idea. Square is forming a saucer base. If it can break 10.22, I’d call that a bullish breakout. They report on August 3rd, which is next Wednesday.
The moment the market opened this morning, the small caps went roaring out of the gate for no particular reason. As I’m typing this, they’re easing back a little, but the chart is a bit worrisome for the one or two bears left on the planet, as the Russell 2000 seems to be vaulting past mildly important resistance. The bulls can only truly declare victory if they can push the market past the blue trendline I’ve pointed out.
