By Gareth Soloway on April 16th, 2010 12:02pm Eastern Time
As the markets tumble today on the back of civil charges of fraud against Goldman Sachs Group, Inc. (NYSE:GS), there are many other stocks in play that need to be watched. Apple Inc. (NASDAQ:AAPL) broke the key $250.00 level today intra day. Speaking from the point of view of a trader, the cross of this level could be the short term top. As a trader, you must recognize key breaks of even numbers like $250.00 as a flush out point for shorts. It is somewhat of a contrarian point of view, and holds extremely valid. The daily chart of Apple has not touched the 20 moving average since February 25th, 2010. In general, the 20ma is like home base. A stock must come back to refuel every so often. Based on this extension move, Apple may be at the point of a pullback.
Amazon.com, Inc. (NASDAQ:AMZN) is also in play today. I issued an alert to my premium subscribers of the Research Center and Intra Day Stock Chat based on the $146.00 level which matched with the late 2009 high. This level remains in play and we are seeing Amazon pull back nicely today.
It seems somewhat forgotten now, but Google Inc. (NASDAQ:GOOG) is getting crushed on the back of earnings. The stock is lower by $38.00 or 6.40%.
Overall, the markets are in panic mode. If Goldman Sachs was doing this, many others were as well. The markets have been priced to perfection and volume shows today that institutions are dumping. We have done more volume in the market today on the SPDR S&P 500 ETF (NYSE:SPY) than any day in the last few weeks. It is only 12:00pm ET. Truly amazing. Stay tuned for further updates.
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