MLR - PMP 12/2/14
Major averages fell yesterday on higher volume. The price of gold surged 4% due to investors searching for safe assets amid concerns about slumping global economies such as Japan who had its bonds downgraded, weak manufacturing data out of China and the eurozone, and news of weak holiday sales. The weakness in the US dollar also supported gold’s rally.
Apple (AAPL) which makes up about 8% of the NASDAQ Composite Index dove as much as -6.5% on a mixed basket of news items, some which were positive analyst price target upgrades, though Morgan Stanley announced it was trimming its position of 1% as AAPL has advanced nearly 50% this year, which may have sparked other institutional selling. With a current market cap of $677 billion making it the largest company in the world, it begs the question how much higher AAPL can go. AAPL finished the day down -3.25%.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.