Hello traders everywhere! Adam Hewison here, President of INO.com and co-founder of MarketClub with MarketClub TV for Wednesday, the 23rd of January.
After the bell today, Apple reports its fourth-quarter earnings and it could be a surprise. The stock is very close to its recent lows of $488, which represents a 61.8% Fibonacci retracement from the highs around $700 a share.
Can Apple regain its mojo? Will a perceived poor earnings report overcome the current negative attitude that has driven this stock down to the basement?
Any rally in an Apple surprise should be viewed as a "dead cat bounce" in a longer term downtrend. The waiting will be over after the bell.
Enjoy the show!
Have a great trading day,
President INO.com and co-founder of MarketClub