Late Day S&P500/Apple Correlation Update (AAPL)
|1 min CL ES APPLE GC|
After apple put in another morning of new high pulling the index’s and Oil with it.. yes oil. You can see in the chart to the left crude has a very strong correlation to the S&P500 thus it will have a strong correlation to Apple computers because apple computers is a huge component and machines are all on the same team.
Crude under 86 this early morning to over 87.70 as apple topped out @ 422.86. From this point on the market melted lower as the dollar firmed up and Gold quieted down over 1800 but under 1810. I still feel over 1811 GC will see quiet a pop, sustained? i am not sure but seems to be pent up potential energy under 1810.
As for the ES_F we came in down substantially after the Italy downgrade rallied through the early morning hours during china and asia then took out all the sell stops under 1200 before it rallied all the way back to 1214.5. this HI coincided with APPLE’s new all time high. 1200 is physiological level thus im sure it will be on our charts for some time.
SINA is loose.