By Global Macro Monitor
Apple closed over $400 for only the second time in history. The current market rally seems to be getting narrower and narrower with the large cap techs, such as Apple, leading the way. The stock, in our opinion, has the wind behind it to take out the all-time high, which is less than $5.00 above the close.
Gold fell hard overnight, found support at around 1760, and rallied almost $50 from its lows. One defining characteristic of the current market is time compression. What used to take weeks and months now happens in hours, if not seconds. It’s gotta be the robots and algo trading, no? Do you feel a little like the modern day version of John Henry, The Steel Driving Man or was that John Henry, The Currency Driving Man?
We’re staying long and trading a limited number of stocks, special situations, while trying to hedge out/trade the macro. How’s that working out for us, Dr. Phil asks? Extremely difficult, but thankful, at least, we’re not short Goodrich. Check out that nutcracker in the after hours.
Have a great weekend!
