It’s lonely out there in Stock Land today.
Everybody’s closed today except Japan and they are so thrilled with 94.5 Yen to the dollar that you can’t figure anthing out by watching their market add another 53 points this morning to finish the day at 11,339 but it was well off the gap up open at 11,400. As I mentioned in the Weekend Wrap-Up, where we discussed our Super-Secret Strategy for making money off this nonsense – just because a rally is totally propped up BS doesn’t mean it isn’t, technically, a rally – does it?
With everyone else closed, the MSCI Asia-Pacific Index hit 19-month highs and copper climbed to $3.62 in overnight trading (when there were no traders) and gold hit $1,130 while oil hovered around $85.50 so we can infer that commodities are very, very popular with vacationing traders. Asian traders were excited about our jobs numbers – obviously they didn’t read my analysis on Friday:
“Overall, we are seeing positive signs about the global economy,” said Hiroaki Muto, a senior economist at Sumitomo Mitsui Asset Management Co., which manages $111 billion. “While developing nations are leading global growth, they are waiting for the U.S. to rebound. Recent reports are suggesting that the U.S. labor market and consumer spending are improving.”
Consumer spending is certainly improving at the Apple Store with 700,000 IPads going out the door in 48 hours, bringing AAPL an estimated $500,000,000 in revenues over the weekend. I was in the NY Apple Store this weekend and there were about 200 IPads on display with lines 3-4 deep of people very patiently waiting considering the average person who touched one held on for a good half hour. Keep in mind that the IPads that are selling now are limited Wi-Fi only models – the good, 3G ones don’t come out for another couple of weeks!
So, based on 2 days of sales, we can project AAPL selling $175Bn worth of IPads this year and that will make AAPL worth about a Trillion dollars, which is very likely to boost the Nasdaq back to 5,000… OK, that may be a bit of an over-statement but we still cannot ignore the Apple effect on the market because it does look like they are going to move a tremendous amount of IPads this year and that will be good for chip…