It seems 3C was right on, showing distribution in the 5 min chart as AAPL just broke an important intraday support level around $309.50
I'll be keeping an eye on this one.
IBM, I guess no one cares.
Remember, the CROWD was buying AAPL, I can't imagine how many margin calls are going out today?
5 years ago
4 comments:
Has the market definitely turned Brandt?
What 'confirmation signs' do we need to see?
It looks like a pretty serious turn, 3C confirmed it yesterday as hard as it was to believe. There will always be a bounce after a move like this, unless we see total panick which I'll be able to look at tonight in the price volume relationships. We want to look at any bounce and see what 3C is saying (buying or just distribution). There's plenty of room below so you don't need to rush, but instead do like smart money does and put together a position as the market continues to move in your direction. The risk management principles I laid out are extremely important and I hope all have read and adhere to some version of them.
There have been a lot of signs, GLD to be down in itself is rather amazing. AAPL too? WOW. However the market remains dynamic so always keep a good defense as you build your positions the same way smart money does-albeit for different reasons. I'll see more after the close in terms of breadth, I assume it will confirm today.
I'll continue to update, I want to watch the breadth and quality of divergences among different industry groups.
Keep an eye on the DIA, I would thin it should try to test former support around $110.10, that would be fairly normal market behavior.
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