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Minyanville's T3 Daily Recap: Markets Quiet on Columbus Day


Apple continues to show weakness as earnings season is set to begin.

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Stocks finished lower on an extremely low volume Columbus Day. The S&P 500 SPDR ETF (NYSEARCA:SPY) traded its lowest volume since late August, perhaps suggesting that some traders decided to take the federal holiday off as well. Stocks opened lower this morning after the World Bank cuts its growth projections for Asia, and the indices couldn't recover those pre-market losses. This morning, we wrote that although Friday's action saw the Dow hit five-year highs, there were some bearish topping tails that showed signs of exhaustion.

The Nasdaq continues to be the weakest index, a somewhat troubling sign for bulls. Contributing heavily to that trend is recent weakness in Apple (NASDAQ:AAPL), which looks set to probe deeper retracement levels. Continuing unrest at the company's mammoth Foxconn plant in northern China is raising concerns about a possible supply disruption. The worries right now are outweighing buzz about a so-called "iPad Mini" that has reportedly already begun production. Reports suggest component parts are being prepared in order to produce as many as 10 million of the smaller tablets in the fourth quarter. Technically, though, Apple triggered through the neckline of a head and shoulders pattern on Friday, and moved closer toward the measured move today. The full measured move would take Apple down to the $620 area, which also coincides with the 100-day moving average. That would seem to be a tidy level for Apple to pull into.

Traders are now shifting their attention to earnings season. Each quarter, the "season" unofficially kicks off when aluminum giant Alcoa (NYSE:AA) reports. Next week, a host of big bank names report, such as JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), and Goldman Sachs (NYSE:GS), in addition to perhaps the hottest stock in the market over the past few months: Google (NASDAQ:GOOG).

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Scott Redler is long JPM, short SPY.
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