AAPL Update

One thing you can give AAPL longs is they are resilient "Buy the Dippers". I suspect we will start to see a divergence between AAPL and the market, we already have seen one this a.m., but I mean in both directions. You've seen AAPL's parabolic move in 2012 vs MSFTs in 2000, after MSFT introduced a dividend, that was the end of MSFT parabolic moves.

In any case, I'm still going to be patient with the AAPL puts which I could have sold at a quick $ earlier, however I'm really looking for the break of $620 with this particular position.

Here's AAPL's updated charts...

 AAPL has filled this a.m.'s gap on diminishing volume and has recently formed an intraday triangle, I would watch for several shakeouts of that triangle, I would think an upside move will come first as that is what AAPL longs want to see and that is what they will buy. Meanwhile the underlying trade continues to deteriorate in AAPL, thus my patience with the position thus far.

 Intraday on the 1 min chart, AAPL saw a negative divergence just as it broke above Thursday's close, something that AAPL longs would also be buyers of, the negative divergence suggests there were sellers there more then happy to take the other side of the trade, whether sellers or short sellers, we can't tell for sure, but with the longer term underlying damage, I would guess short sellers at this point. I'm not sure if I published Dan Loeb's top 5 positions (he's influential in the hedge fund community as they all tend to herd any way, they'd rather not fall behind the pack then try to outperform it for the most part), Loeb had AAPL as a top 5 position, his latest positioning shows AAPL notably absent from the top 5.

 Intraday, the leading negative divergence from Thursday on a 2 min chart, a small positive divergence this a.m. and a leading negative just above Thursday's highs. Wall Street knows how predictable technical traders are and where and what will cause them to buy, making Wall Street somewhat predictable. A breakout from the intraday triangle would be interesting, I'd say 90% we see a negative divergence in to such an event and more likely then not, a strong one.

 The 5 min chart damage, it is leading negative

And the hourly chart damage, this is a long time frame to see such a deep leading negative divergence.

Today is more or less a "Tofu" day for the markets. There's almost nothing on the economic docket except Bernie's speech tonight and with the EU markets closed, the news of widening Spanish yields on their 10 year gives the US market a bit of a vacation from reality.