AAPL Death-Cross Pushes Dow To Highs

Of course, it makes perfect sense – the largest market cap company in the world drops further and experiences a death cross and sure enough – the evergreen Dow Jones Industrial Average ended near the highs of the day – well north of the critical ‘retirement-on’ 13,000. In general risk-assets were quietly correlated with stocks today (amid relatively quiet volume on the major averages) but we note that the capital structure ETFs in general were less exuberant – though they did get a little bounce after the consumer credit data. All-in-all, the Dow stood alone in its non-AAPL exuberance as the rest of the market was mired in the sentment shift that is occurring (note the Dow saw ts 50DMA cross below its 100DMA and its closed perfectly intersecting with those averages). Must be the ‘great’ jobs number, right? Treasury yields end near their lows of the week, USD near its highs, Gold down on the week though at 3-day highs (supporting stocks), and high-yield credit weak today. Paging Skynet…
The S&P remained considerably more excited that credit/rates/vol today – though the latter did tend to keep pulling back up…

READ MORE