Apple (AAPL) continued to help U.S. equities rebound in late-afternoon trade on Friday. The consumer tech giant rallied more than 1.2% to 157.35, hoisting itself back near a new flat-base entry at 156.75.
XAutoplay: On | OffThe latest base is second stage, which is one of three reasons why the earnings and revenue turnaround story could rally another 20% from its latest breakout point.
The Nasdaq composite, which slumped 2.1% on Thursday and crossed below its 50-day moving average for the first time in nearly five weeks, rose nearly 0.6%. The Nasdaq 100 was up nearly 0.8% and rose back above its own 50-day line, a bullish sign.
The Dow Jones industrial average and the S&P 500 were barely higher. Volume was running sharply lower on the Nasdaq and roughly even on the NYSE vs. the same time Thursday.
Apple is still in buy range, but keep in mind that after the Nasdaq caught its sixth distribution day in recent sessions, IBD downshifted its outlook for the market to “Uptrend under pressure.” This means you can still buy stocks, but it’s best to exercise more caution.
Royal Gold (RGLD) edged up fractionally to 86.79 and is poised for a nearly 2% gain for the week. It appears the gold- and silver-mine royalties play will post a fourth up-week in the past five.
As noted in this recent New Highs column, the Denver-based company is a little bit outside the permissible buy zone after a breakout from a long saucer with handle at 81.39.
Three more gold-mining stocks to watch are Franco Nevada (FNV) (breakout at 76.37), Iamgold (IAG) (low priced, but a strong RS Rating of 87, second best in IBD’s gold and silver mining industry group as seen in IBD Stock Checkup), and Randgold (GOLD) (with a new base building).
Gold futures on the Comex rose nearly 0.4% to $1,294 a troy ounce and are getting close to breaching the June 6 high of $1,297.50.
Meanwhile, some investors moved more money into bonds, perhaps as a safe haven amid the escalation of the North Korean missile conflict. The yield on the benchmark U.S. 10-year Treasury bond fell to 2.19%, its lowest since June 26. The recent low in the yield is 2.14%.
U.S. crude oil futures rose nearly 0.4% to $48.77 a barrel but are still down from a recent peak of $50.17 on July 31.