Stocks were mixed Monday as the S&P 500 fell 0.2% and the NASDAQ gained 0.3% on the back of a big gain by Apple (AAPL). The indexes gapped down to begin the day and after churning most of the session saw a late day buying spree. This continues the change in pattern seen over the past week when stocks often gapped up, and faded at the close. Considering the magnitude of gains last week, Monday’s session was a win for the bulls.
The NYSE McClellan Oscillar has quickly jumped from oversold to somewhat overbought.
Along with Apple (AAPL), Facebook (FB) received an upgrade and Ebay (EBAY) benefited from very strong metrics during the early holiday shopping season sending both stocks higher. Ebay is now at an 8 year high.
In the category of “Did you know?” – Apple has 3 analysts covering it at Citigroup alone!
- Three analysts will tag team the world’s largest company with one covering the software side, another tackling the hardware side and yet another person evaluating its semiconductor supply chain, according a note from the firm Monday. “Citi is taking a unique team approach to Apple coverage,” states the firm’s bullish note. “This reflects Apple’s broad impact to the technology supply chain and allows us to uniquely follow the company from several industry angles.”
- Traders questioned the move by the bank with some saying it was just a marketing ploy but not really needed. Others wondered if the move underscores just how unwieldy evaluating – and managing – a company as enormous as Apple has become.