Friday, 14 December 2012

10am update - rotten AAPL

The market opens with another sprinkling of weakness, lead by none other than AAPL, perilously close to breaking the big $500. Mr $ remains a touch weak, with VIX a touch higher. So far though, nothing dramatic, but it a trend down day.




I would be content with a close anywhere <1420. Certainly 1415 would be good, that'd be a net loss on the week, and clarify a spiky/topping candle.

From a MACD (blue bar histogram) perspective, we're set to see the bigger downside move in about 2-3 days. So, those seeking a break <1400 will probably have to wait until Tue/Wed. Perhaps a floor next Thursday?

As for AAPL, this is not exactly a bullish it?

Regardless, the sp'1438 high is slipping a little further away this morning.
Some chop is to be expected. I am seeking a moderately red close though, to confirm the Thursday declines.