Without the threat of sounding like a broken record, the Nasdaq led the way to start the week. It went green early and never surrendered gains, and finished up marginally with a gain of .3%. The S&P 500 flirted with gains and came up just short. The Nasdaq was certainly helped by the 800lb tech gorilla AAPL, which was up 3% today. It found support near the round number of 400 twice recently in mid April and late June. Round numbers are where stocks try and make a stand, and AAPL not only made a stand but jumped. Even with its big decline, from no coincidence, the round number of 700 last September, it still has the largest weighting in the Nasdaq, comprising almost 6.5% of the index. Its right at a moment of truth here, at its 200 day SMA. Look for a definitive move above it, with a close above 470. An AAPL a day, keep the bears away? Golden delicious apples, akin to GLD, had a nice move today as well finishing convincingly above its 50 day SMA for the first time in 2013.
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