Bearing Fruit:
Microsoft and Nvidia seem to be getting most of the headlines, the latter REPORTING earnings after the bell Tuesday. The former is creeping up in market cap terms compared to the chart below of AAPL. MSFT on a one-month lookback period is up 14% compared to Apple’s 10%, but on the 3-month time frame, Mister Softee is doubling the gain of AAPL advancing by 15%. That being said Apple is moving in the right direction and doing its share to pull the market upward. It is now just above a daily double-bottom pivot not long after finding support at its WEEKLY double-bottom breakout trigger we spoke of one month ago. Bears will declare that it has not recorded an accumulation week in 8 months, and I am in the camp of those with a less sanguine outlook saying there has been no innovation since Jobs’ passing, except perhaps a camera upgrade. All I care about is PRICE action and if this stalls here near the double bottom breakout that would be a negative. I could see this being pulled toward the very round 200 number into year-end, but the market could care less about what I think.