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Between the Ticks: Apple, Garmin, Goldman Sachs...


The last four-day 4% swing up in the indices was the best since, yep, April 2003 at the lows.

  • No matter what the Fed does can the economy avoid recession if housing remains in a morass?

  • Earnings still matter and no matter what the Fed does, the economy should still languish for several quarters. Has the 10% correction discounted that eventuality?

  • A look at what a monthly reversal bar, in this case Apple (AAPL), (see here a monthly chart of AAPL from 2005) indicates. January '06 shows the normal expectation for a 6 bar (month) corrective process. So the question is are many of the go-to names double topping on their dailies just as the strongest names in 2000 made double tops and new highs as the S&P made a lower high and a test failure into the beginning of September in 2000?

  • Will a product a quarter keep the doctor away in AAPL? Is it a sell on the news at a double top?

  • Does Steve Jobs own a white T-shirt?

  • Does Bill Gates own an i-Phone?

  • The last four-day 4% swing up in the indices was the best since, yep, April 2003 at the lows. As above so below? Many times markets end as they begin.

  • Trade back below the Aug. 24 high of 1479.40 that sticks suggests a defensive posture is called for. Trade that offsets Tuesday's gain entirely, i.e. 1472.15, is a red flag while a break back below the 200 dma, now at 1459, indicates a potential test of an inverted right shoulder at 1432.

  • A broken or failed right shoulder should be the catalyst technically for a fast move lower as fast moves come from failed patterns.

  • A break that offsets Tuesday's low should be the catalyst for a test of the 200 dma as fast moves come from failed moves.

  • Is Garmin (GRMN) tracing out a Charlie's Angels distribution pattern (3 tails in close proximity)?

  • Goldman Sachs (GS) between 183 and 186 sets up as a short with a stop (natch): up 180 degrees from the 157 low ( a corner number on the Square of 9 chart) is 183.

Editor's Note: Want more of Jeff's insight and trading ideas delivered to your inbox daily? Minyanville is proud to announce that we have launched Jeff Cooper's Daily Market Report, complete with Jeff's day trading and swing trading setups. Email Josh Sander for more details and how to sign up.

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Position in AAPL.

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