Stock Market Analysis – 07-21-2008
The trading day was fairly quiet most of the day. BAC started the banks off well after reporting a better than expected profit of 72 cents, still down 41% from last year though. AAPL had their call after the market close and they reported a great quarter, but a weak outlook leaving their shares currently trading down 10% in the after hours. They have a history of under-promising and over-delivering though, so I’m seeing this as a potential good opportunity to get in at a discount if it keeps dropping down to support.
I separated the volume today to highlight the decline, since it’s been hiding behind the falling price recently. A move in one direction with declining volume typically means it’s just a correction, and that the prevailing trend will resume in the near future. We’ll have to see how deep the next drop goes.
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