It looked like it was going to be a day of mild profit-taking, but market players just couldn't stand not being in for the big earnings report from AAPL, which seemingly has pleased investors, as it's up after-hours. The conference call is underway, plus there may be analyst activity in the morning, so we'll see how it shakes out tomorrow. I'm very long the name, mostly via calls, so tomorrow can't get here soon enough for me. The Nasdaq-100 surged to a new high late in the day, and the Nasdaq managed to close in positive territory for the 10th straight day. The underlying action was mixed, but there was some strong support, and quite a few things snapped back late in the day.
Even though expectations were sky-high for Apple, so many folks love the name that I think it has a good chance of holding up, even if it isn't a massive blowout. I'm not sure how to differentiate between "blowout" and "massive blowout;" but suffice to say it was a fantastic quarter, especially in this environment. Again, we'll see how it goes tomorrow with AAPL, and then we have some banks in the morning. There isn't much we can do until that news is out.
This market seems to be quite extended now, but the news continues to be good and is supporting the move so far. I don't like to fight that, but that doesn't mean I won't lighten up a bit tomorrow. We'll see how it goes, how the market reacts to the news, and then I'll figure out my next move.
long, very long, AAPL
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