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Momo's keep breaking down. Shorted LKND this morning. Add it to CMG and AAPL as momo market leaders continue showing weakness. Apr 23, 2012
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Shorting CMG here at $423. Now short both CMG and AAPL - playing with "momo" fire. Apr 20, 2012
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Funny/bizarre that with S&P up .4%, TZA (3x small cap bear) is green and TNA (3x small cap bull) is red. Dec 23, 2011
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AAPL Flirting With Break Out?
AAPL broke under its long term trend line support in recent months, but it has also formed a falling (bullish) wedge. It appears to be flirting with a break out.
(click to enlarge)
AAPL has pushed higher since I took this screen-grab, and is fairly comfortably above the trend line resistance as I write this.
Disclosure: I am long AAPL.
Is The Market Blind? Or Has Copper Lost Its Doctorate?
There are some pretty fascinating divergences happening at the moment. The current weakness of copper compared to strength in most risk assets is particularly striking, to me. For the first time in over five years, Dr. Copper and other risk assets (stocks, high yield bonds) are moving aggressively in opposite directions. A case can be made that copper has lost its predictive value because cap-ex spending is not central to the current global growth story. Perhaps that is so. Or perhaps "risk assets" have simply lost their ability (or desire) to discount future risk? Either way, the current divergence is strikingly inconsistent with the historical correlation between stocks (SPY) and copper (JJC):
(click to enlarge)
AAPL Falling Wedge Still In Play?
Apple has broken under significant price support in the $430 area. A case can be made that this warns of a much bigger drop to follow. There is also a case to be made that a "falling wedge" is still in place for AAPL. A falling wedge is usually a bullish price setup, if the stock can break to the upside of resistance. AAPL is closing in fast on the bottom support level for the wedge.
(click to enlarge)
Disclosure: I am long AAPL.