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Indicator Flashes 'Oversold' Level for Apple

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Now may be the time to get long.

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MINYANVILLE ORIGINAL We have provided Minyanville readers with every move our algorithm has made in Apple (NASDAQ:AAPL), which resulted in three trades for 2012 equaling 47%. (See Citigroup Downgrades Apple, but Does It Matter? for our most recent discussion.)

We've told readers that the only way we would get long the name is if we saw an upgrade from Strong Sell to either a Hold or a Buy, or got an Oversold level reading on our proprietary countertrend measure. Yesterday at the close, we got this Oversold alert. Our Buy / Sell rating indicates strength, whereas the countertrend indicator measures the velocity of the deviation of the move to either the upside or downside applied with percentage statistics. For those of you using RSI for Oversold indicators, you should know that it is full of false moves.

The stock is now up nicely and seems like a late call; however, the stock is still Oversold. For those who want more certainty, wait for a 3 or a 4 rating to get long. (To learn more about ChartLabPro's algorithm and rating system, visit www.chartlabpro.com.)


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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.

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