SPX completely retraced yesterday's pop this afternoon. The selling stopped 1 point above the 5/6 low. There was a bit of a bounce late in the day, but it still closed below the 50 SMA. Volume increased over yesterday. It looks like conviction is with the bears. The breadth was -63%. The bulls tried early in the day to rally the troops after a gap down. However, the bears won out mid day. New highs dropped down to 102. New lows increased some to 32. Same result as the last big up day. The selling into strength continues.
The futures have another confirmed break below the 20 SMA. That was a pretty sound rejection of the 50 and 100 MAs. Will support be able to hold again?
The red line crossed above again. This is a bit of an odd pattern. This indicator does not get a braided look like this very often. The green count dropped to a new low for this pullback though. That can't be good. Still nothing close to an over sold condition.
The bulls are putting up a fight here for sure. However, their actions are keeping the market from developing an oversold condition that might entice stronger buying. A break down of the daily head and shoulders pattern seems inevitable to me. A measured move of that pattern gets SPX down around 1960-70 area. That would be well below the 200 DMA. While SPX closed below the 50 DMA again, we still do not have a confirmed break. I don't know if the bulls will try again tomorrow or not. I guess we can't rule it out yet.
Some days I can't quite wrap my head around the number of lies I hear on a daily basis in the media. Here is a look at Apple's balance shee. I took finance in college and I guess modern finance is completely different. Could some kind reader please show me how this balance sheet says Apple has $200 billion in cash. Based on what I learned I would say about $41.5 billion in cash. However, that is not even close to the figure Wall Street keeps shouting from the tree tops. It looks like pure fiction to me. I find it a little odd the total liabilities line has more then doubled in the last two years. Lying seems to be a general course of action in today's world. I find it quite disturbing myself.
Bob
Apple Inc. (AAPL)
|
Period Ending | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | |
Assets | ||||
Current Assets | ||||
Cash And Cash Equivalents | 21,120,000 | 13,844,000 | 14,259,000 | |
Short Term Investments | 20,481,000 | 11,233,000 | 26,287,000 | |
Net Receivables | 35,889,000 | 31,537,000 | 24,094,000 | |
Inventory | 2,349,000 | 2,111,000 | 1,764,000 | |
Other Current Assets | 9,539,000 | 9,806,000 | 6,882,000 | |
Total Current Assets | 89,378,000 | 68,531,000 | 73,286,000 | |
Long Term Investments | 164,065,000 | 130,162,000 | 106,215,000 | |
Property Plant and Equipment | 22,471,000 | 20,624,000 | 16,597,000 | |
Goodwill | 5,116,000 | 4,616,000 | 1,577,000 | |
Intangible Assets | 3,893,000 | 4,142,000 | 4,179,000 | |
Accumulated Amortization | - | - | - | |
Other Assets | 5,556,000 | 3,764,000 | 5,146,000 | |
Deferred Long Term Asset Charges | - | - | - | |
Total Assets | 290,479,000 | 231,839,000 | 207,000,000 | |
Liabilities | ||||
Current Liabilities | ||||
Accounts Payable | 60,671,000 | 48,649,000 | 36,223,000 | |
Short/Current Long Term Debt | 10,999,000 | 6,308,000 | - | |
Other Current Liabilities | 8,940,000 | 8,491,000 | 7,435,000 | |
Total Current Liabilities | 80,610,000 | 63,448,000 | 43,658,000 | |
Long Term Debt | 53,463,000 | 28,987,000 | 16,960,000 | |
Other Liabilities | 33,427,000 | 24,826,000 | 20,208,000 | |
Deferred Long Term Liability Charges | 3,624,000 | 3,031,000 | 2,625,000 | |
Minority Interest | - | - | - | |
Negative Goodwill | - | - | - | |
Total Liabilities | 171,124,000 | 120,292,000 | 83,451,000 | |
Stockholders' Equity | ||||
Misc Stocks Options Warrants | - | - | - | |
Redeemable Preferred Stock | - | - | - | |
Preferred Stock | - | - | - | |
Common Stock | 27,416,000 | 23,313,000 | 19,764,000 | |
Retained Earnings | 92,284,000 | 87,152,000 | 104,256,000 | |
Treasury Stock | - | - | - | |
Capital Surplus | - | - | - | |
Other Stockholder Equity | (345,000) | 1,082,000 | (471,000) | |
Total Stockholder Equity | 119,355,000 | 111,547,000 | 123,549,000 | |
Net Tangible Assets | 110,346,000 | 102,789,000 | 117,793,000 |
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