Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Apple Inc. Reaches July's Target; Dow Hints at Intermediate Trend Change

By

The anticipated intermediate trend change may have begun a few points short of the final target zone.

PrintPRINT

The NYSE Composite (INDEXDJX:NYA) has reached its downside breakdown target -- and has now broken down from a second potential head and shoulders. Bulls need to reclaim the 9500 zone.


Click to enlarge

Apple (NASDAQ:AAPL) has now reached my preferred count target zone from July 8 of 510-530. There's probably more upside left, but I took some profit at 510 (since that's how I trade when my targets are reached) and have choked-up stops on my remaining positions.


Click to enlarge

Below is a chart showing why Apple bulls should avoid complacency here.


Click to enlarge

In conclusion, the market is now three-fifths of the way toward confirming an intermediate trend change. The overlap in INDU has confirmed that this is a higher-degree correction (in other words, it's not part of the last rally), and that does suggest the anticipated intermediate trend change has most likely begun. Trade safe.

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE