Price tapped the upper BB over the last couple weeks but a more firm violation of the upper BB would provide a nice short entry at 630-ish (blue circle). Negative divergence cannot exist unless price pokes above the prior highs in March (blue circle). Regardless, the steep negative slope for the indicators is ominous. With this chart profile, a higher high in price will seal the deal for bears but is not necessary. There are no other gaps to fill above so price has no real reason to post a higher high; AAPL may simply roll over at anytime. Apple can be shorted at will, anywhere from here or higher. Keystone does not hold a short AAPL position currently. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Agreed and sold all my shares yesterday at 613 area. Apple is still a buy long term but I'd wait till maybe September again. Weakness in CRUS and other suppliers, states the case. Notice how AAPL 600 highs could not ward off the downward pressure on the NAS and techs. Apple was therefore strong one would think, but behind the 600 coat was a scared monster that couldn't lead it's little sector higher any more. Be careful shorting., like you i am not. Wait for re-rentry and go long when the rsi is back in line.
ReplyDeleteI was just about to buy into AAPL but the tide (SP) was going out the you really can't chase prices...
ReplyDeleteBelow is an SP chart I put together from KS metrics looks like the bears have done some damage...
http://scharts.co/MZac7U
May lose the 40MA on the NYA that would usher in some decent selling...
ReplyDeletehttp://scharts.co/J0eYAS
I still think we could go either way here... The inherently problem with charts is you see whats really there something or you see what you want to see or think you should see... I suppose when you have intermarket price point as KS algo does that can keep the eyes seeing a little better...
ReplyDeletehttp://scharts.co/MZaXOj
Piercing line on the monthly chart s&p has me thinking something is going to come to put the brakes on the downside mojo once it gets seriously out hand which is about to... Therefore I anticipate some serious selling as referenced here by KS then they hit us with the last QE... I foresee 2013 to be a blood bath but that is next year.
ReplyDeletehttp://scharts.co/MZbyiW
I agree with your chart be weary sometimes scenario, and especially with APPL, that's why I say as does KS not to take a short position in it. Way to risky on a herd mentality. APPL to me is simple buy on huge sell offs. Or take an options strategy for calls say in Jan 2013.
ReplyDeleteInteresting stuff MCAP.
ReplyDeletethanks for the AAPL "pie" KS. I haven't looked at this bad boy in a while and thanks to you it got back on my radar again. This looks pretty ugly. Seems like it's finishing a wave II up after a wave I down. More downside for sure to come. I'll be patiently waiting for it to hit bottom: wave 1 ~120 points; wave 2 up to 620, and wave 3 is then ~to bring it down 200 points to ~420, which coincides nicely with last year's break out level (425).
ReplyDelete