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Apple hits record high before earnings

AAPLUS – Daily Candlesticks
Source: GKFX / MT4 (January 25, 2021)

Apple stock hit a record high on Friday after a strong week of gains. The record high completes a breakout above the September and December peaks and opens up a possible test of the next big round number of $150. A drop back below the September high at $135 would negate the short-term bullish bias. 
 

TAKEAWAYS


•    US dollar gains on Friday, snaps 3-day losing streak
•    USD/RUB in focus as 3000 protestors arrested in Russia over Navalny arrest
•    Bitcoin holds onto support above $30,000
•    Hang Seng index drops after Hong Kong announces surprise new city-wide lockdown
•    Apple up 9%, Nasdaq 4% over the week before tech earnings
•    Oil closes the week lower, gold finishes week higher but off its highs
•    THIS WEEK: Apple & Tesla Q4 earnings, European bank earnings, Federal Reserve meeting
•    DAY AHEAD: Germany IFO survey

 

GURU WISDOM


“To be successful, you have to have your heart in your business, and your business in your heart.” —Thomas Watson Sr., Chairman and CEO of IBM

MARKETS


*Daily closing price
↗ EUR/USD    1.2167        (+0.04%)
↘ GBP/USD    1.3684        (-0.35%)
↗ USD/JPY    103.77        (+0.28%)
↘ S&P 500    3841.47    (-0.30%)
↘ Hang Seng    29,447.85    (-1.60%)
↘ Gold    (spot)    1855.86    (-0.77%)
↘ Oil (Brent)    55.09        (-1.80%)
↗ Bitcoin    32,808        (+3.50%)
 

NEWS


Stimulus questions


The dollar gained on Friday as cyclical stocks fell amid concerns that Joe Biden might find difficulties passing his $1.9 trillion covid relief plan. Oil prices too came off their highs. Several Republican Senators and even a Democratic Congressman have called into question the size of the bill. If the bill gets watered down it will be less of an economic boost and help havens like the dollar which gain on economic uncertainty. 
 

Tech earnings


Apple, Tesla and Facebook are among the earnings highlights this week for the leading tech and FAANG stocks. Tech stocks have not fallen but have underperformed other parts of the stock market in 2021 until last week when big gains were made. Apple jumped 9% across the week to hit a record high amid hopes for a record holiday season of iPhone 12 sales.
 

Hang Seng


Hong Kong’s benchmark index came sharply off its highs (and the key 30,000 level mentioned in our Week Ahead video). The weakness came after the city ordered around 10,000 residents in the neighbourhood of Jordan to stay in their homes. Poorer neighbourhoods with cramped housing conditions are creating clusters of covid in the city’s fourth wave or the virus. The lockdowns if maintained would hit the economic recovery but the latest news in itself seems unlikely to dent bullishness from investors about China and the region.
 

DAY AHEAD 


*Times in GMT
09:00 – German IFO – Expectations (Jan) [93.2 Exp vs. 92.8 Prev]

 

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