This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Market Preview: Apple's Jobs in Spotlight

NEW YORK ( TheStreet) -- The Dow Jones Industrial Average wrapped its worst week since mid-August on Friday and there's reason to believe the markets are in for more of the same next week.

First-quarter reporting season is over, and corporate earnings stumbled a bit into the finish. Virtually all of the economic data has been bad the past few weeks, and while a bailout for Greece is getting spun as good news, it's still a bailout. In fact, it's the second one for Greece, so besides taking some solace in avoiding the near-term ill effects of default on the global economy, it's debatable what the real benefit is. Especially for U.S. stocks.



Then there's the end of QE2 looming at the end of the month. Remember the last time the markets were skidding this bad -- namely the July-August stretch last year -- was right when the Federal Reserve started laying the groundwork for the $600 billion bond-buying program that was ultimately announced in November and set the bull market in full gear.

Even with the poor data of late, it's pretty clear some money is being taken off the table ahead of the unknown that lies ahead when the Fed takes away the punch bowl, as the pundits are so fond of saying.

Mark Arbeter, chief technical strategist at Standard & Poor's, says the tug-of-war the major U.S. equity indices endured last week is a red flag, as gains early in the week were wiped out in the relative blink of an eye.

"A major downside reversal on Wednesday erased these strong gains, negating what had been setting up like a nice breakout," Arbeter wrote in a research note. "We believe that when the market does not follow through on a breakout, and gets soundly rejected the next day, it's time to pay attention."

He continued: "In our view, this is corrective or bear market price action, and we see additional pain coming in the weeks and months that follow."

Not to worry though, Apple (AAPL - Get Report) is poised to come to the rescue. The iconic company is holding its annual worldwide developers conference and CEO Steve Jobs is set to deliver a keynote address on Monday at 1:00 p.m. ET.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $126.37 2.53%
AMZN $374.59 1.09%
FCEL $1.23 -0.81%
GOOG $552.03 0.67%
PBY $9.58 0.42%

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs