Thursday, March 22, 2012

AAPL and the BTD Crowd

I have never seen long so in love with a stock then APPL. I have often said in a tongue in cheek manner that I wouldn't doubt it if Goldman's propaganda unit coined the term, "Buy the dip" which I would say is the modern equivalent of, "Buy and hold".

Any way, here's AAPL thus far...

 After an intraday mini capitulation even, AAPL has been leaking higher and looks to be in a decently formed ascending triangle, although it's in the wrong place, the chances are still good it produces a break above intraday support, it will be interesting to see what the underlying trade looks like at that point.

 Here's the intraday chart showing yesterday's negative divergence and a positive divergence this morning sending AAPL higher intraday, the green arrow shows it is in line or maybe slightly better then in line (price confirmation).

 That strength hasn't bled over to the 5 min chart so far., also showing yesterday's negative divergence at the highs.

Interestingly, it looks like yesterday did more damage then first appears, most of that leading negative divergence in the red box is from today, so it would seem the big boys are using this gap fill to sell/short in to. Lets see what the charts look like if we get a break above intraday resistance.

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