MLR - Premarket Pulse September 17, 2012
The QE-induced rally continued Friday as the major averages rose on higher volume, although closed off their highs for the day, giving the indexes a slight look of "churning" off the peak. Given the sharp upside move so far in September, a pullback would be normal given the extended state of some leading stocks. It appears that the QE ducks are all all lined up in a nice, neat row for continued upside movement in the market indexes and leading stocks.
Gold and silver continue to move higher in a sharp rally that began in mid-August. While the metals remain volatile, and a sharp pullback could occur at any time, we would consider the 10-day moving averages as near-term support for the metals on any pullbacks.
Apple (AAPL), which closed at an all-time high on Friday, is seeing big pre-sales of their new iPhone 5, and this is driving the stock higher pre-open. The last buy signal in AAPL occurred last Thursday when the stock flashed a continuation pocket pivot buy point, and the stock has moved successively higher over the past three days.
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