Wednesday, 27 November 2013

11am update - AAPL is telling the story

The current price action in AAPL is very telling for the broader market, and with the break >536, equity bears look to be in a world of hurt for the rest of the year.  Metals look weak, whilst Oil is already significantly lower, -1.5%.

sp'60min (with metals)

USO, daily


Well, at least there are some things to cover, it shouldn't be too tedious!

*Near term targets on the weekly cycle... sp'1840/60, Trans 7400, Nasdaq 4200s

As I will keep saying, the notion of a 'significant' sell down into year end looks to be nonsense talk.

Worse still..when the debt ceiling comes around in Jan/Feb..and we do sell lower by 4-7%..many will lose themselves in bearish hysteria..only to get whipsawed in yet another wave higher across March/May.

Interesting action in DRYS

Looks like DRYS has found a floor in the low 3s..and is now trying to make a break for it..first target is the recent $4 high. A move >4 in early 2014..very viable. For those who are looking for general upside into 2015..I'd have to look for DRYS to be a 15/20$ stock..with the BDI in the 6000s.

11.20am.. AAPL @ 544...looking strong...daily charts offering 570/75 within the immediate term.