Apple (AAPL) Technical Analysis
Apple looks like it’s going to open basically where it closed on Friday, which is actually somewhat impressive considering that we had been a little overextended to begin with. Short-term pullbacks I think continue to attract a lot of attention out of Apple as we’re through the earnings call and of course it was a very positive influence on the market.
We also have ex-dividend date coming up of the end of the session, so if you hold you also get paid the dividend on May 14, so a lot of people might hang on just because of this. The $275 level for me is still the floor in this market.
Amazon (AMZN) Technical Analysis
Amazon looks like it is going to be a little bit squishy and soft to kick off the session, but quite frankly, this is an explosively bullish market, so a pullback towards the $260 level would make a certain amount of sense, as it was a previous swing high, it should now be support. Regardless, I have no interest whatsoever in trying to short this market, and I do think that Amazon continues to go higher.
We are overdone, so that pullback I think just simply gives traders an opportunity to pick up stock at a more reasonable price than has been offered over the last couple of days.
Google (GOOG) Technical Analysis
Google looks like it’s going to be a little bit negative at the open, as well as it is also overstretched, and that, of course, is a bit of a problem, but a short-term one more than anything else. I think you get an opportunity to buy Google on dips near the $380 level, possibly even $360.
It’s an overextended market just like the other two; there’s nothing wrong with it, there’s nothing wrong with the company, it’s just gone a little too far in too short of an amount of time. Longer term I think we break above the $400 level and go looking to the $420 level.
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