The market continued to move higher for a third day as volume increased, thanks to a spike in volume caused by panic selling and then a panic recovery intra-day after hackers threw up a false headline on the Associated Press' Twitter page regarding a bombing at the White House. Market Direction Model (MDM) is at 50/50 juncture as to whether it will move higher or lower after three up days with the third day up on higher volume on both the NASDAQ Composite and S&P 500, thus its cash stance. Given that the volume picture remains unclear, members should stay tuned as the next MDM and UVXY/VIX volatility model signal change could come as early as today.
Apple (AAPL). which now accounts for only about 6% of the NASDAQ, moved up sharply after announcing earnings after the close but eventually gave up all of its after-hours gains and more, finishing the after-hours session at a lower level than its closing price. This morning AAPL is trading even lower as it pushes well below the $400 price levels to test its 52-week lows.
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