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.
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.
Daily Recap Newsletter