Monday, October 19, 2009
Deteriorating Breadth
When the market reached a new closing high for the year on Thursday, one would have expected the Advance Decline line to be healthy, but it has been lagging. The small caps are lagging, and the rally is narrowing. Even with a modest decline on Friday, down volume overwhelmed up volume. These are small signs to watch closely this week for a top. Risk reward on the long side is poor at these price levels for the next month or so.
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2 comments:
Look at AAPL chart dawg. It's turning.
You see that guy from Galleon? I had no idea these kinds of things go on. Apparently it's a lot more widespread than you would like to think.
I think the guy got scapegoated.
Bet a ton of people do it. I know something was going on in HIFN before the news was announced.
Maybe the same deal is going on with AAPL. Stock looks like it's turning down. We'll see for sure in the near future.
AAPL is rallying into the close actually. Up about 1% today. I don't have a strong view on AAPL, it is a very crowded long but it just keeps going up so I'm not gonna call the top on it yet.
But long term, AAPL is a great short because its a company based on gadgets and fads.
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