Stocks were mixed midday Monday, as the Nasdaq composite rose while the Dow Jones Industrial Average tumbled 200 points despite Apple stock’s healthy gain, poking its proverbial head above $130 for a look around.
The Nasdaq was up 0.3%, the S&P 500 dipped 0.2% and the Dow Jones industrials fell 0.7% in today’s stock market. Small caps tracked by the Russell 2000 gave up 0.2%. Volume was higher on both major exchanges vs. the same time Friday.
Apple rallied 1.8% in above-average volume to lead the blue chip index. The iPhone maker is working on new Apple Watch models with a faster processor and better screen, Bloomberg reported. The stock retook its 50-day moving average and is on track for its sixth gain of the past seven sessions.
But its lagging relative strength line indicates significant stock market underperformance. Apple is shaping a new flat base with a 137.17 buy point after triggering the 7%-8% loss-cutting sell rule from a 135.63 entry in early May.
MacDailyNews Take: Yes, but what do the entrails say, Nance?