Apple Took A Bite Out Of The Market

How many times does everyone have to see the same thing over and over before it sinks in?

Today was a perfect example of buy the rumor and sell the news.

Apple was at maximum hype leading into their widely anticipated new product announcement.  The problem with the stock was the formidable resistance from the 3rd of September.  On that day, Apple sold off about $5 from high to low on heavy volume.  That my friends classifies as a reversal day.  Today that reversal day high was tested, and failed.  Guess what, lower prices for Apple is the probable scenario – for now.

One may also think that the market going down today was due to Apple.  It wasn’t.  Apple going down today was the result of a market that is in a cyclical turn period and should see lower prices ahead.

Just how low remains to be seen, and based on the most recent history and the Alibaba IPO discussed in here, don’t get too comfortable with the downside just yet.

Much more discussed in tonight’s video below.

About the Author

Trading and investing in markets is second nature to some, but a mystery to others. The goal is to provide a forum where everyday people aspiring to be part time or full time traders will learn how view markets differently and profit beyond their wildest dreams.

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