Apple

The stock of the day is Apple Computer {APPL} which is down at this writing about 2% after reporting a pretty darn good quarter but not as good as perhaps its most recent run up warrants. Like a lot of stocks APPL is currently overbought so a pullback or at least consolidation could be in order right now. We pay attention to this because it is about 20% of the Nasdaq 100 index {QQQQ}. It is just another indicator saying that perhaps this current market rally is getting long in the tooth. Generally you don't like to see good news getting sold like this.

One aside to that however, is that APPL opened at much lower levels and has since clawed its way back as of this writing.

*Long APPL in one client account per that client's request. Long APPL via certain ETFs of which it is a part. Long QQQQ and certain variations of this index in many client accounts.