Apple Fights Back with 9 Million iPhone Sales

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Apple Fights Back with 9 Million iPhone Sales
Apple Fights Back with 9 Million iPhone Sales

Apple Fights Back with 9 Million iPhone Sales

The company’s shares rose by nearly 5% as the sales sky-rocketed this past weekend where nearly 9 million iPhones were sold including both newly released models – iPhone 5S and iPhone 5C. This stock price gain is the biggest jump in the past 3 months where the recorded sales surpassed the forecasts made by analysts easily. Despite the supply constraints of new iPhones, the demand was met well in accordance to the stock that needed to be there in the stores for the weekend sales.

The share price bounced back from $450 level to $486 where it has made a double bottom at the $450 support level, which may give technical analysts a solid reason to stay in a buy position on the Apple stock.

German Bunds on Top

The German bunds witnessed a second consecutive day jump in their value as the investors are eying on the speech that is to be given by the central bankers. Moreover, the yield on 10-year bunds fell by 4 basis points, after which the price is moving at the 1.88 level. On the other hand, the German IFO Business Climate disappointed the euro investors as the reading is 107.7 against the expected figure of 108.4.

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FED and Taper

The S&P 500 index recorded a fall from 1707 to 1689 on Monday, but this move doesn’t really show that the market is changing its trend. No. It’s just a correction for the past week’s bullish rally where the FED decided not to taper and carry on its $85 billion worth of easing on a monthly basis. However, the market has given its 61.8% correction of Fibonacci retracement scale, where sustaining below 1693 level could create worries among the investors because the resistance levels would then be 1693 and 1700.

In other words, psychology of trading would come into play where investors may start a short-selling strategy as they would rely more on technical levels that could compel them to go short in a bullish market. Many of them are eying on December’s FOMC meeting minutes where 24 out of 41 economists believe that the FED would start tapering in December. Therefore, we must also be aware of the pre-mature market action where market movers may shape the market accordingly well before the actually event or fundamental happens.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com