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Washed-up former tech giant HP has rallied about 50% in recent weeks due to dead cat bounce buying. As we approach the gap at $17.86, I believe this will be just another in a series of dead cat bounces that has seen the stock fall from the 50s to the sub-teens in the span of just two years.
I don't trade Facebook, but I do like to check the social networking stocks periodically. FB has soared about 40% in just the past couple of weeks, but I think caution is warranted as it approaches a major gap, highlighted with the horizontal line below.
Apple was a major beneficary of the mad rush-to-buy that took place today. Its gap is just about closed, and I haven't seen an up-spike like this in Apple for ages. To quote ZeroHedge:
Today's AAPL move, on no news, is as of this moment a $35+ move in one trading session, or a $30+ billion market cap move in one trading session, and a nearly $60 move from the Friday lows. As the histogram below shows, in absolute terms, this is the second largest intraday move up in the stock in the past two years, and a 4 sigma move for a stock which has moved 7% on a 1.7% standard deviation, for no other reason than the "stock is oversold" or whatever other narrative those who put narratives to stock moves have ascribed to it today.
