Richard Suttmeier is the Chief Market Strategist at www.ValuEngine.com. ValuEngine is a fundamentally-based quant research firm in Newtown, PA.

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http://www.valuengine.com/pub/Unsubscribe? April 25, 2012 An Apple a day keeps the bears at bay.
Markets in Review: Asian stocks were mixed on Wednesday. The Nikkei 225 ended their session at 9,561 up 0.98% on the day. The Hang Seng ended their session at 20,646 down 0.15% on the day. European exchanges ended higher in a choppy session on Tuesday and have added to those gains this morning. The FTSE 100 ended Tuesday at 5,711 up 0.81% on the day. The DAX ended Tuesday at 6,599 up 1.16% on the day. The CAC 40 ended Tuesday at 3,169 up 2.29% on the day. The yield on the 10-Year US Treasury is up from my semiannual pivot at 1.903 earlier in the week to 1.989 this morning. On Tuesday the housing market showed two danger signs. The S&P / Case-Shiller 20-City Composite of home prices declined 3.5% year over year to a new low since the housing bubble popped in mid-2006 with prices down 35%. New Home Sales fell 7.1% in March to an annual rate of 328,000 units, with inventory at another record low of 144,000. Consumer Confidence remains weak with a reading of 69.2, well below the neutral zone of 90 to 120. Gold has traded between $1637.1 and $1645.2 this morning between my semiannual pivots yet again at $1635.8 and $1659.4. The rebound in crude oil reached $104.20 staying below its 50-day simple moving average at $104.98. The euro versus the dollar is just above its 50-day simple moving average at 1.3207 this morning.

Todays Four in Four Key Levels: 1. Apple (AAPL) Going into Apples blow-out earnings report, ValuEngine had a BUY rating for the stock with a $621.29 one-year price target. Weakness to $555.00 during the day Tuesday was above my quarterly value level at $548.88. This weeks risky level is $645.68, above the all time high of $644.00 set just two weeks ago. Trade the range! 2. Yields The yield on the 10-Year US Treasury remains between its 50-day simple moving average at 2.081 and my semiannual pivot at 1.903. 3. Commodities Gold continues to be influenced by my semiannual pivots at $1635.8 and $1659.4, which are below the 50-day / 20-day SMA Death Cross at $1682.0 and 1696.6. Crude oil remains influenced by quarterly, annual and semiannual pivots at $101.55, $103.58 and $104.84. 4. Currencies The euro versus the dollar remains above my semiannual value level at 1.2980 and tested this weeks pivot at 1.3223 this morning. 5. Equities Given the positive market reaction to Apples earnings the major equity averages can rebound to this weeks risky levels at 13,104 Dow Industrials, 1406.6 SPX, 3097 NASDAQ, 5326 Dow Transports and 802.51 Russell 2000. 6. ValuEngine Valuations Stocks are reasonably priced with 62.8% of all stocks undervalued with six undervalued sectors and ten overvalued sectors. Aerospace is 12.0% UV, Autos-Tires-Trucks is 10.6 UV, Basic Materials is 10.0% UV, Computers & Technology is 10.2% OV, Medical 13.5% OV, and Retail-Wholesale 11.1% OV. VE Morning Briefing If you want expanded analysis of the US Capital Markets go to this link and sign up: http://www.valuengine.com/nl/mainnl?nl=D