Apple's annual four-day Worldwide Developers Conference kicks off tomorrow in San Francisco. Steve Jobs is scheduled to give the keynote address at 10:00am PST.
The company has stated that much of the news will be concerning upgrades/new versions of operating systems and applications (especially the "Lion" OS), but there continues to be speculation that a next generation of the iPhone could be announced or hinted at.
There should also be plenty of discussion and fanfare around the new iCloud service, which, as I understand it, provides streaming music and web-based storage of a personal songlist, allowing for much less use of memory on various AAPL devices and computers.
There likely will be enough other news to satisfy Apple enthusiasts but other than the iPhone speculation, really big fireworks are not generally expected (but AAPL somehow always finds a way to surprise). There is also sure to be the always uncomfortable press/blog commentary on Mr. Jobs' appearance and apparent health.
AAPL has been in a $325-360 range this year since breaking through $300 last Fall. The stock took a trip to the lower part of the range after its weight in the NASDAQ 100 Index was reduced in early May from 20% to around 12%, but has since recovered somewhat and closed Friday at $343.44.
The important thing for tomorrow is watching out for any upside or downside surprises in AAPL which might affect the QQQ's and the market in general.
Apple - Last 12 Month
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The Underground Trader posts are authored by a long-time friend and colleague who specializes in trading futures and options. The Underground Trader is a very close watcher of the indices and is a market junkie who cruises message boards, trading groups, news feeds and opinion sites for any edge he can get. Do not bet the ranch on any of his comments but they are usually interesting and definitely food for thought.
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