First Expiration Week of 2013
Welcome to the first options expiration week of 2013.
US market closed mixed today as weakness in the tech sector led by Apple met with the market being in short term overbought condition once again. The Dow closed marginally higher by 18 points despite early weakness while the Nasdaq100 closed lower by 8 points.
Apple is in an increasingly hard position as Android phones eat up iPhones market share at an accelerated pace. In fact, most of the people I know around me uses Android phones rather than iPhones lately. Apple losing market share will certainly have a significantly impact on Apple stock and the Nasdaq100 in general going forward.
That said, traders continue to be optimistic with their short term outlook as total equities put call ratio continue to trade below 0.9 in favor of call options trading. With the Dow coming up against a strong 13,600 points resistance level and with the market generally overbought right now, I would expect a short pullback perhaps back down to the 30MA level before the Dow has enough energy to stage a breakout.
For now, the Dow remains in all out bull trend.
US market closed mixed today as weakness in the tech sector led by Apple met with the market being in short term overbought condition once again. The Dow closed marginally higher by 18 points despite early weakness while the Nasdaq100 closed lower by 8 points.
Apple is in an increasingly hard position as Android phones eat up iPhones market share at an accelerated pace. In fact, most of the people I know around me uses Android phones rather than iPhones lately. Apple losing market share will certainly have a significantly impact on Apple stock and the Nasdaq100 in general going forward.
That said, traders continue to be optimistic with their short term outlook as total equities put call ratio continue to trade below 0.9 in favor of call options trading. With the Dow coming up against a strong 13,600 points resistance level and with the market generally overbought right now, I would expect a short pullback perhaps back down to the 30MA level before the Dow has enough energy to stage a breakout.
For now, the Dow remains in all out bull trend.
posted by Jason Ng at 8:39 PM
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