Tuesday October 19, 2010 - 02:38:41 GMT
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Nasdaq Sell Off on Apple Computer News
After trading in a tight and narrow range, December NASDAQ
futures broke out to the downside following weaker than expected news from
Apple Computer. Futures are trading lower in the overnight markets. This is
expected to flow into the morning session.
Uptrending Gann angle support is at 2037.00 on the daily
chart. This angle has held as support since the main bottom was formed at
1741.00 on August 27. A break through
this level could trigger the start of an acceleration to the downside.
The December Euro finished down on Monday after rebounding
from its low following early session weakness.
The initial break in Mondayâ€™s session was follow-through selling
following Fridayâ€™s closing price reversal top. This down move was short-lived
because a not so friendly U.S. Industrial report triggered a short-covering
rally which lasted most of the day.
Besides the short-covering rally, nothing happened that
would change the developing bearish reversal formation. As long as last weekâ€™s
top at 1.4159 remains intact, this market could begin a correction which takes
it back to 1.3373 to 1.3187.
The last swing bottom is 1.3775. A break through this level
will turn the main trend to down. It could also trigger the start of an acceleration
to the downside.
Shortly after U.S.
equities closed, IBM and Apple Computer, Inc disappointed traders, sending U.S.,
stock index futures lower. Traders may use this weakness as an excuse to book
profits in their long Euro positions. Weakness in the stock market could also
fuel a break in the Euro because it may lead to liquidation of higher risk
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