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Correct Call For Today’s Action, Alcoa Misses After The Bell…My Call Today on AAPL….etc.

April 7, 2008 6:41 PM

Well, today played out pretty much as expected…slow drift…slight up bias…said caution as we had to clear the April 2nd high on the Dow (we didn’t) and said extreme caution on AAPL near $160 (high was $159.69). I would like to be perfect, but that’s about as close as I can get……sorry folks… :o)

 Alcoa missed after the bell, but I personally do not see that as a big deal here. People will dismiss that, IMO, as commodities have moved up substantially in the last quarter. More importantly, the market is looking for direction from the financials, and that is coming next week. Everything else will likely be greeted by the market with a yawn. I do believe some  mild “profit taking” (Wall St. code for SELLING) is likely here as everyone wants to see the financials numbers next week…

AAPL should spike lower tomorrow if it clears $155.11. It “could” bounce at $153 early. It it clears that area and holds for an hour or so, then $149 is likely in the cards tomorrow. As mentioned, careful on AAPL here….

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