Well, for next week there’s a bit of economic data coming our way. From existing home sales to durable goods orders to Q4 advance GDP. I’ve heard it said several times recently (including from our man on the floor, Art) that a rally will ignite when the market reacts possitively to negative data. Seems with the complete buffet of that being offered up, there will be many chances for Mr. Market to turn the other cheek and show some gumption.

A lot of talk on Friday of a tech rally showing some early signs and a rotation into financials. As for tech, we know AAPL, GOOG and IBM are respoonsible. As for financials, this may be based on the fact that many CEO’s (current and former) have come out in recent days/weeks to buy up shares in support.

Mr. Market is also looking to our congress to approve Timothy Geithner for Treasury Secretary next week and get that bit of uncertainty off his plate.

As I’ve said about three times now since the close on Friday, I believe that aapl was being held back below $90 waiting for events of this coming week to unfold - in data and .gov. Just my .02.

Great recap of things expected to unfold Kiwi.

I am a buyer under $85 though, and I think I’m going to get that chance Mon. or Tues.

http://www.craigslist.org/about/best/nyc/1004463995.html

Need I say more?

“There are other items as well.”

Hmmm…think there’s a COMMODE in there somewhere?!

Just amazing.

Eric Landstrom - 26 January 2009 01:47 AM

http://www.craigslist.org/about/best/nyc/1004463995.html

Need I say more?

Eric….maybe it’s me but what are you suggesting? Dont tell me you think this is the furniture of SJ?!  I think in this economic climate some companies go under so i think there are plenty of CEO on the street…Intel maybe?  Next to that….just suggesting that this is the interior from Steve’s office without any backup is just not very responsible to my humble opinion. Before you know it the vultures are all around the place and the headlines popup at Fox News, Bloomberg etc.

MacB

PS. Besides….it seems this is not Steve’s style…

added: well crap….seems i underestimated you Eric   I really thought you were referring to Steve….pfffff…spare me it’s monday-morning.
Thx for the insight Winterpool.

It’s a joke at the expense of John Thain (and Merrill Lynch / Bank of America).  I imagine Steve’s office would be more neo-Zen minimalist rather than Versailles avant le deluge.

Might the bad times for financials continue this week?  But don’t we expect TARP part 2 to start being disbursed?

It was dismaying to read over the weekend how many analysts and punters, even after Q1 blowout, maintained the same old ‘no one will have money for luxuries; Apple kit = Hermes (or Christian Dior); therefore short AAPL’.

Mercel - 25 January 2009 08:16 PM

...I am a buyer under $85 though, and I think I’m going to get that chance Mon. or Tues.

Thanks for the compliment Mercel, glad to see you around! I forgot to include CAT earnings in my recap which is totally wrecking the futures ATM. PFE isn’t helping matters either, cutting their div. Someone on just now reminding that Amer. Express earnings are coming up this week. Might be a couple days of pain but still “banking” on a mktwide turnaround later in the week. Unless my timing is all wrong and we must wait until Feb.?

I too would really only care to go long aapl at the <85 level. Last long lot I sold at 85.20 so I’m being stubborn.

Monday

R4         98.35
  midpoint   96.67
R3       94.98
  midpoint   93.30
R2       91.61
  midpoint   90.80
R1       89.99
  midpoint   89.12
PP       88.24
  midpoint   87.43
S1       86.62
  midpoint   85.75
S2       84.87
  midpoint   83.19
S3       81.50
  midpoint   79.82
S4       78.13

OT: poor Karen Finnerman (from Fast Money). She was tooting up this Rohm and Haas/DOW deal all last week and it was her final trade on Friday. I expect to see smoke pouring out of her ears tonight. Too bad as this was a nice piece of M&A that might have gone a long way on the confidence building front.

At least GE ratings were re-affirmed, so futures made a comback.

Hmmm. . .AAPL making a run at $90 in the pre-market; but volume is nervously low.  I expect to see a sell-off at the open but perhaps another run soon thereafter assuming the rest of the market cooperates a bit.

Play Ultimate - 26 January 2009 09:22 AM

Hmmm. . .AAPL making a run at $90 in the pre-market; but volume is nervously low.  I expect to see a sell-off at the open but perhaps another run soon thereafter assuming the rest of the market cooperates a bit.

Yes, maybe some reaction to Existing Home Sales data at 10:00…

Our man Art just on mentioning he was waiting to see that data, FWIW.

MacB - 26 January 2009 03:07 AM

Eric Landstrom - 26 January 2009 01:47 AM

http://www.craigslist.org/about/best/nyc/1004463995.html

Need I say more?

Eric….maybe it’s me but what are you suggesting? Dont tell me you think this is the furniture of SJ?!  I think in this economic climate some companies go under so i think there are plenty of CEO on the street…Intel maybe?  Next to that….just suggesting that this is the interior from Steve’s office without any backup is just not very responsible to my humble opinion. Before you know it the vultures are all around the place and the headlines popup at Fox News, Bloomberg etc.

MacB

PS. Besides….it seems this is not Steve’s style…

added: well crap….seems i underestimated you Eric   I really thought you were referring to Steve….pfffff…spare me it’s monday-morning.
Thx for the insight Winterpool.

Everybody else: think John Thain.

Play Ultimate - 26 January 2009 09:22 AM

Hmmm. . .AAPL making a run at $90 in the pre-market; but volume is nervously low.  I expect to see a sell-off at the open but perhaps another run soon thereafter assuming the rest of the market cooperates a bit.

Sell off started one minute before the market opened. I suspect no one wants to trade in the rapid volitility of the open market, and the pre-market volume is low enough to get in and out at a more leisurely pace. As I type AAPL has regained its upward motion. Should be a day of….dare I say it…ups and downs?

At this early hour, the Option Spreads are telling the story of marketmaker nervousness.  The Feb 95C is showing a 5¢ spread on a $1.80ish (now $1.90ish) contract. Last week the spread was usually 1-2¢.  Since the Puts aren’t showing similar spreads, it looks like the fear is of AAPL taking off rather than dropping.

Look at that volume!!!  Nice!  We’ll see if it contunues.

Edit: Actually I’ll take that back for now. My volume quotes was screwed up. But looks like a lot more buyers than sellers.

Existing Home Sales Rise 6.5% to 4.74 Million