Monday, March 5, 2012

Sold AAPL Short @ 542.92 / NASDAQ is on the verge of a breakdown.

Markets seemed to me rather overextended for quite some time. I was looking to a clear sign of a breakdown.
 
 AAPL Weekly chart suggests we see trend deceleration but the larger time frame does not give a clear signal.


AAPL Daily chart has a confluence of technical signs of a pending collapse so I sold it 2 hours after the Open at 542.92. Price has stalled and is currently trading inside the Bollinger Bands. Slow Stochastics are giving a warnign sign of weakness and my favorite ADX is giving a reversal sign with the Trending strength at 68.69 it looks like it has a limited potential to go much higher from current levels for the time being.

NASDAQ Composite Daily chart. While it might be nice for AAPL to be supported by the love of the whole world the NASDAQ is giving a clear sign of weakness and reversal is a matter of a few sessions. All techs are already in reversal mode and while typing this we are already -1.34% on the NASDAQ and -2.08% on AAPL.
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7 comments:

  1. AnonymousMarch 5, 2012 at 6:42 PM

    AAPL to 525 and then it shoots to 600 before it sees 500

    ReplyDelete
  2. wis99skiMarch 14, 2012 at 5:18 PM

    How's that short working out for you? Im sure you got called on it to cover

    ReplyDelete
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