After last night's list of 5 stocks that alone have been responsible for all of the NASDAQ's 2015 gains, AAPL being the chief among them and also one of our short positions, it is pretty clear that AAPL down on volume over the last few minutes is taking its toll on the averages... I'm sure you've heard of the Chinese action against US companies over spying, AAPL included. I'll just say that while this may be news to us, there's little that the market is not aware of an actively discounting well in advance of the news becoming public, yes it's illegal, but this is why we watch underlying trade. You've seen the examples of home builders being accumulated in 2000 during the bubble in tech as it imploded, who would have ever correctly guessed that after the tech revolution, one of the most boring asset classes, housing, would lead the next bull market? Well someone knew and they knew 2-years in advance.
AAPL intraday confirmation on the downside move on volume.
Since, the QQQ intraday leading negative, obviously market makers see what's happening in AAPL and anyone else with half a brain and are moving out of the Q's.
The IWM just hasn't caught up to even intraday confirmation as the Chimney portion of its price pattern has been leading negative as well as longer charts.
And the SPY.
I'm looking at quite a bit now, I know some of you have questions and I'll get to them ASAP.
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