Stocks Perky on iPhone 5 Launch

US stock futures point to a higher open Friday, buoyed by excitement over the iPhone 5 launch and speculation that Spain could request a preemptive bailout. The Financial Times, quoting unnamed officials, reported Spain is working on finalizing a series of economic reforms that will pave the way for a bailout. Spain is seeking the bailout before borrowing costs rise to unsustainable levels.

The risk-on environment continues as all shallow dips have proven buyable. Bears have not been able to get any traction and this healthy digestive action is constructive for another leg higher once we have fully worked off overbought conditions. Keep in mind that today is quadruple witching, so you could see some wacky moves in stocks.

Lines began forming at Apple (NASDAQ:AAPL) stores 24 hours in advance of today’s iPhone5 launch, which is expected to shatter previous records. AAPL stock is up 70% this year, largely in anticipation of the new phone, which accounts for the majority of AAPL’s revenue. The stock is set to open at new all-time highs today after selling off in the morning yesterday, and will likely be in play most of the day.

Not to be outdone, Google (NASDAQ:GOOG) is also set to open at a new 52-week high. The stock does not seem threatened by AAPL’s success with the iPhone, which included the removal of the default YouTube app and Google maps. All time highs above $747 look to be in play before the end of the year.

Oil continues its small comeback after three days of heavy selling early this week. The United States Oil Fund ETF (NYSE:USO) found support at its 100-day moving average yesterday and is set for a higher open this morning.

Oracle (NASDAQ:ORCL) is 3% higher pre-market after seeing an 11% rise in Q1 earnings despite weaker than expected revenue.

McDonalds (NYSE:MCD) is 0.5% higher after its board authorized a 10% rise in the company’s quarterly dividend up to 77 cents a share.

Be cautious today due to quad witching. It’s not worth placing big bets on a day like today and risk giving back hard earned profits.

By Marc Sperling

Disclosure: Marc Sperling is long AAPL, SLV, GLD, ANTH, ZNGA, ZNGA calls, MSFT, MSFT calls, FB, GRPN, MCP, GRPN, DRYS, LVS, MCP calls, DRYS calls, FB calls, DNDN, GMCR calls, RIMM calls, AIG calls, SPY puts, WLT calls, FAS, PXD, MLNX, TSPT, YELP calls, LNKD, EXPE, MLNX calls, AOL, RENN, SOL, KORS, APC, FIO calls, SODA calls, SHOS, AIG, YELP, OIH, FIO, NFLX, XOM, AAPL calls, GOOG calls.

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