The market started the second quarter on a down note with all major averages down on lower volume. The NASDAQ was dragged down the most thanks to a fourth down day in a row for Apple (AAPL) which accounts for a 7% weighting within the index. Webinar members may recall that we discussed the ramifications of AAPL as a short-sale following its gap-down through the 50-day moving average last Thursday. Adding to the day's negative tone, the ISM index fell short of expectations. The index measures the pace of sales and production at U.S. manufacturers, and provides another piece of evidence that the economic recovery has not been secured.
This morning the futures are jacked up as European bourses are up about 1%, but yesterday a number of leading U.S. stocks reversed on volume following a strong upside open. Thus we would look for improvement and recovery in the action of leading stocks today to confirm the upside futures move.
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