Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 20th of September.
Today, Apple (NASDAQ:AAPL) began to officially sell its new iPhones, the 5S and 5C, around the world. Long lines were reported in Europe, Asia and here in the States as Apple loyalists lined up to buy the latest and greatest from Apple.
Is Apple (NASDAQ:AAPL) going to sell as many of the new iPhones as it has in the past? I think so, many iPhone users myself included, did not upgrade to the iPhone 5 last time. I will be upgrading this time and trading in my 4S for a brand new, fingerprint ready 5S. I think many other Apple users will be doing the same thing in this new product update cycle.
On Wednesday, like many other iPhone users, I downloaded the new IOS7 operating system for the iPhone and iPad. I have to say the new interface is clean, pretty slick, beautifully designed and works like a charm. The good news for everyone is that Apple made this upgrade free of charge.
One thing that many people overlook on the iPhone 5S is just how well built the actual phone is. With incredible construction, integrated technology and the latest IOS7 software, what is there not to like? With an ecosystem of thousands of different apps, some of the best apps in the world, you can find pretty much anything you want for your iPhone.
When the original iPhone came out, it was a game changer. The revolutionary look, feel and design was quickly copied by others. The real benefit and the power of Apple is the fact they make both the software and the hardware to offer a totally integrated experience for the end user.
In the days and weeks ahead, I expect to see continued positive coverage of the Apple iPhone. The new iPhone 5C, while less expensive, will likely spur people to spend the extra hundred dollars to get the 5S phone and have the top-of-the-line product.
In China, the new gold iPhones are going to do very well. While Apple (NASDAQ:AAPL) has yet to do a deal with the China Mobile, I believe that China Mobile will want to make a deal with Apple when it sees how well the new iPhones are selling.
It's Friday and we all know what that means! I was looking at all 52-week highs for a weekend play. Once again, here are the rules for the "52-Week New Highs on Friday" trade.
Rule #1: On a new 52-week high when the market closes at or close to its high on a Friday, buy and go home long for the weekend.
Rule #2: Exit long position on the opening the following Tuesday.
Rule #3: If the market opens sharply lower on Monday, exit this position immediately.
Remember, the "52-Week New Highs on Friday" rules work well in futures and in Forex.
Please feel free to leave a comment on the market, life or anything that is on your mind.
Have a great trading day,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.