MLR - Premarket Pulse October 31, 2012
Both stock and bond markets were closed Monday and Tuesday, marking marks the first time in 27 years the markets have been closed due to weather and the first 2-day weather-related close since 1888.
Absent of any deeply damaging news over in Europe, and with reassurance that Hurricane Sandy is contained, European bourses are up 1% to 2% since Friday's close most likely due to continued quantitative easing. Since U.S. markets correlate to some extent with European markets, he NASDAQ Composite is up 0.3% from Friday's close in premarket trading.
Apple (AAPL) is trading down -0.8% after its management shake up, announced October 29 after the market close, and is one of the biggest. John Browett's departure, the company's newly hired retail chief, is a black eye for the company, and Scott Forstall, the head of the company's IOS mobile software, will also leave the company. This marks the first major departures since Tim Cook took the reins as CEO. The stock remains abbout 3% above its 200-day moving average, a line that has provided critical support for the stock throughout its uptrend since the market bottom in March 2009.
<Due to markets being closed Monday and Tuesday, this report goes out to all members and non-members.>
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