As we expected last week, Tech would be the last to rotate in and AAPL would need to get off its butt do allow that to happen, guess who is leading the move in the market right now?
As soon as I'm finished with this post, I'll be opening an AAPL short position, leaving room to add on further upside gains, at this point $614 or $640 doesn't make a whole lot of difference to me when looking at the long term charts of AAPL.
Volume volatility is not at all consistent with a breather or a consolidation in AAPL as many of the AAPL bulls are hoping for. We are above both targets that we were looking for, even as they seemed unlikely last week with AAPL's poor relative performance, eventually we got out guy here.
AAPL 1 min with an intraday positive divergence, this probably explains why the market is not seeing the same positive divergences and instead just drafting off AAPLs weighting.
AAPL 2 min is still leading negative here.
The 5 min chart shows the distribution in to the bounce, there' an intraday positive divergence, other than that, AAPL 5 mi is in line only.
The 15 min chart has finally started to fall apart, AAPL moving up as the 15 min moves down is exactly what I was afraid we wouldn't see, but it appears now that we will see that 15 min chart divergence in AAPL
As far as entries in AAPL, I don't have much time to place trades, sometimes I have no time, but whether AAPL is at $612 or $640, this chart makes me say, "it's pretty much short term, somewhat myopic semantics". Selling/Shorting in to strength is what I want to do, AAPL is offering up that chance, hopefully it will offer up more in to Friday, but for the time being, I'm at least going to get a position started using equities short.
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