We'll talk about AAPL in a moment.
The Fed's conference in Jackson Hole on Friday is the next catalyst for this market. Bernanke's comments will either add new fuel to the rally or yank the carpet out from under this bounce. Either way Friday could be a volatile session.
With so much riding on Ben's comments there is a good chance that stocks churn sideways on Thursday as investors wait for Friday's events. Thus no new trades tonight except for what we already have on the play list.
The exception to a quiet market on Thursday might be the smart phone stocks.
After the closing bell news broke that Steve Jobs was resigning from Apple Inc. (AAPL). This event has been prognosticated for months. Most analysts believe the management bench at AAPL is deep enough to handle Jobs exit. However, there is always a knee-jerk reaction. Currently the stock is down about -$20 in after hours trading.
If you were hoping to try and buy a dip in AAPL this could be it. However, we don't know yet if $20 is the total impact on the stock or it this actually ignites a bigger round of profit taking. I would be tempted to buy calls on AAPL if we see the stock dip toward the 200-dma near $345. If the 200-dma does not hold then look for a dip toward one of the psychological levels like $330, $320 or even the June low near $310.
FYI: RIMM was showing some relative strength today. The stock is up after hours on this news. Watch for RIMM to test or break resistance at $30 tomorrow.