This morning, the S&P 500 Index e-mini futures (ES-H3) are trading lower by 1.25 points to $1466.00 per contract. It looks to be quiet before the open for the S&P 500 Index, however, the NASDAQ 100 e-mini futures (NQ-H3) are trading lower by 12.75 points to $2731.00 per contract. The reason for the decline in the NASDAQ 100 is basically due to a decline in Apple Inc (AAPL).
News is spreading that the iPhone 5 sales have been weaker than expected and the company has cut production. Earlier today, APPL stock was trading below the very psychological $500.00 level. Some leading stocks that could trade lower in sympathy to APPL stock are QUALCOMM Inc (QCOM), and Nuance Communications Inc (NUAN). Other leading tech and semiconductors stocks could also decline lower on the news.
Last night, the important Shanghai Index (China) soared higher by 3.00 percent. This tells us that the Chinese ADR's should be strong today if the U.S. markets are strong. Please understand, many of the leading Chinese ADR's such as Baidu.com Inc (ADR) (BIDU), and SINA Corp (SINA) are already overbought on the daily charts. This tells us that the upside can be limited in the near-term.
Below you may find the video.
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Just Another Manic Monday
Published 01/14/2013, 11:06 AM
Updated 07/09/2023, 06:31 AM
Just Another Manic Monday
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