The market is off to a slow start to the final week of trading in 2017 as trading was relatively sleepy. Among names I’ve discussed in recent reports, however, there were some fireworks today, which I’ll get to in just a bit. Meanwhile, the major market indexes may just end the year with a whimper.
Yesterday, the NASDAQ Composite Index was dragged down by NASDAQ 100 Index components on news of weaker-than-expected Apple (AAPL) iPhone X sales. That took AAPL and anything related to AAPL down hard, sending the NASDAQ Composite down below its10-dma early in the day. By the close, the index managed to hold just above the line on lighter volume.
Today was more or less the same story, with the index closing just above the 10-dma on higher volume. The move has the look of stalling and churning around the 10-dma, but overall things were relatively quiet.
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