Is Apple Ready to Join the Party?
For millions of "Apple-heads," the precipitous drop in the company's stock price late last year was nothing if not apocalyptic. MoneyShow's Tom Aspray takes a technical look at how it's doing now against the wider stock market rally.
Stocks put in strong performance Thursday as the S&P 500 closed above the closing high from September 14 with the highest close since December 2007. Volume was the best of the past four days and once again the market internals were strong.
It was also noteworthy that the Dow Jones Transportation Average closed well above the 2012 highs. It is now just below the next major resistance at 5627, which corresponds to the July 2011 highs.
Financial stocks were strong with the Select Sector SPDR Financial (XLF) up 1.24%. The Select Sector SPDR Health Care (XLV) made further new all-time highs as the sector broke out of its 12-year trading range last year.
The relative performance analysis of these two sectors confirms that they are still market leading sectors. The technology sector continues to lag the broader market as the Select Sector SPDR Technology (XLK) is up 2.4% this year, compared to a 3.4% gain by the Spyder Trust (SPY).
The stock market rally has turned the focus more on Apple Inc. (AAPL), which is down 1.6% so far in 2013.