Stock Picks Through Technical Analysis
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Posted by
StockChartist -
at 7:29 pm
This chart shows the percentage performance of the following markets:
- Silver market (SLV ETF)
- Gold market (GLD ETF)
- S&P 500 equity market (SPY ETF)
- Oil market (USO fund)
- 20 year Treasury Bond (TLT ETF)
- US Dollar (Powershares ETF UUP)
Since my last discussion in March, silver and gold have sold off very hard while the equity markets have continued to put pressure to the upside. Oil is outperforming 20 year treasuries and the S&P 500 is now outperforming gold. The S&P 500 continues to diverge away from oil, , treasuries, and the US Dollar.
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Guess what. My $400 target for Apple was hit and it softened ever more today to close at $392.
Things should get pretty interesting around here as the stock tests the 2012 opening levels. I’d expect a lot of back and forth chop. A bounce here could take it to the $520 levels again. Sorry to say, but Apple looks to be in a descending triangle for the foreseeable future and this one can be a very long time. The peaks may surprise us going forward to as high it pops but the declines I would imagine are deep and fast so whatever you do, don’t invest in it but rather trade it. The growth story has all but slowed.
Throughout this entire de-rally, Apple has not shown any significant signs of panic as volume has been very low and nowhere near the 2008 and 2009 levels on a weekly time scale.
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This is a timeline of Apple’s history and its stock price from 1984 to early 2013. Although the company went IPO in 1980, I do not have stock price data between 1980-84. During that time, the Apple IIc, IIe, III, III+, and Lisa were produced.
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