kaltbaum premarket

Went to Mall of Millenia yesterday in Orlando…and Apple Store did not have big lines. Security told me the lines were huge on Friday but said it was a little better than a normal day on Saturday. It was only one store but AAPL down $16 as I write this as expectations were for 6 million phones sold…some said 8 million. Apple says over 5 millions sold. This has wacked futures…especially on the ndx.

 

Market feels tired here…simple as that.

 

Saw a decent amount of churning last week in areas like commodities, financials and even the gold/silver.

The big worry is the transports actually breaking down…but most other areas look ok.

 

Sit back and relax…and let the market run its course. Use a print under $61 as a stop on EL and raise stop to HFC breaking $40.25…which is 21 day. Both stops insure tiny losses…and means both stocks failed the move…for now.

 

Again…no additions here as I think market will need to wipe some smiles off of the bull’s faces for the time being. Again, nothing wrong with pullbacks but we will be vigilant about distribution showing up in market.