Another Friday and another action filled week. SP500 and the DOW took peaks below their 200 DMAs yesterday. They really didn’t like what they say as we witnessed key reversals into the close. Now I hope those reversals are for real and not just fake outs. I tweeted out an interesting note yesterday that AAPl, MSFT and AMZN are up 12, 5 & 16% respectively since their Feb 9 closes, yet the SP was off 0.47%. So imagine what it would be doing without the heavy lifting of the three amigos (yes, that’s a cheap Cinco de Mayo pun!). In my opinion, it’s important to watch their price action as a gauge for the health of the overall market.
Jobs number out today, less than stellar. The 164K figure fell short of the 192k estimate but within range (consensus 145k- 225K). China talks end with no news. Here a classic case of no news is good news. $RACE has good numbers and breaks out (not a recommendation to buy the stock) and Buffett discloses he bought 75M more shares of AAPL. Let’s see how the new accounting rule impacts Berkshire’s earnings.
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