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business newsMinyanville's T3 Daily Recap: Unstoppable Apple Leads Market Higher
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T3Live.com Feb 09, 2012 5:05 pm
The world's most valuable company jumped 3.5%, nearing the $500 area amid reports that the iPad 3 is only weeks away from release.
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US markets again proved resilient Thursday, recovering from early selling to finish positive. The Nasdaq, led my the indefatigable Apple (AAPL), was the strongest index, gaining 0.39%. Before the market opened reports came through the wire that Greek officials had resolved the outstanding issues of a debt deal, believed to be pension cuts, that were preventing the latest round of bailout money from being released. There were a few suggestions by European finance ministers later in the morning that a deal was not yet officially consummated, but it appears its implementation is now a mere formality.
Now, back to Apple. The world's most valuable company jumped 3.5%, nearing the $500 area amid reports that the iPad 3 is only weeks away from release. The stock also got another big upgrade this morning from Canaccord to $655. In an interesting tidbit pointed out by the outstanding data blog Bespoke today, Apple, with its rise today, added more than $12 million to its market cap, which exceeds the value of half of the stocks in the S&P 500.
Back on December 13 Jim Cramer featured my analysis of OIH in a segment on his Mad Money show, and the ETF is starting to reach the neckline of that head and shoulders pattern. OIH could consolidate in front of its 200-day moving average, but for the longer-term trader I believe it could make a run this up to the $165 area.
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DISCLOSURES: Scott Redler is long SPY, VXX, QCOM, VMW, HAS, OIH, LULU, LNKD calls, TBT, WMT. Short LNKD, DIA, QQQ.
