AMZN, AAPL, C, SPY
Amazon (AMZN:NASDAQ) Pure and simple, AMZN had a huge miss. Analysts were looking for 24 cents and AMZN reported only 14 cents. Yesterday, we highlighted the point that over zealous longs should be careful chasing this name, in case of a miss. AMZN blew through the mild support in the $200 range and needs to hold the $177.50 area for now.
Apple Computer (AAPL:NASDAQ) AAPL got beat up a little today closing down a little over 2 percent. Some say the juggernaut looks tired and the weekly chart somewhat supports the claim. However, if you look at the daily charts, shares are basing. If AAPL holds $390.75, a fill of the upside gap in the $416 area could be back in play.
Citigroup (C:NYSE) C has lost some of it’s luster since the reverse split that took tons of rebate trading funds away from the name. However, if you look at the technicals, C looks pretty strong. Especially for a bank stock. A break of $31.85 could cause some momentum buyers to step in.
S&P 500 ETF (SPY:NYSE) The flagship ETF was off sharply today, but the volume during the decline wasn’t especially strong. People have to remember that low volume often creates volatility. Keep in mind that a strong finish this week would create a reversal on the weekly charts, which could lead to pundits talking about a retest of the $130 level.
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