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Joshua "MauiTrader" Hayes is CEO, President and founder of Big Wave Trading Inc., a Maui, Hawaii-based stock market advisory service. Hayes is a well-respected stock trader who combines fundamentals, technicals, psychology and money management to trade professionally for his personal,... More
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  • Despite Euro Troubles, AAPL Shines as Stocks Bounce off Market Lows 0 comments
    Sep 19, 2011 8:09 PM | about stocks: QQQ, SPY, DIA, SQQQ, IWM, EDZ, EDC, TVIX, TECS, TECL, TNA, TZA

    More troubling news from the housing market was overrun by continued fears in the European nations. Greece is the cornerstone of the controversy. They need cash badly and their budget efforts continue to fail expectations. European stocks continue to be weak sending US stocks lower at the open. Sellers fear a Greek collapse would render the assets on the books of European banks worthless. The market continues to adjust to the situation and in the United States financial stocks continue to be weak. The market was able to garner support at the end of the day sending the NASDAQ into positive territory. Although the NASDAQ failed to close positive the intraday reversal is a bullish note. We have positives, but it will take a bit more time as AAPL stock being a big positive.

    AAPL stock broke out of its recent price consolidation. Volume was just about 32% higher than its 50 day volume moving average. Not as much as we’d like to see, but it is something to take not of. AAPL stock appears to be the market’s savior as it helped thrust the NASDAQ higher after opening lower on the day. AAPL is in a later stage base tends to be prone to failure and with volume not being gigantic it sends a signal AAPL stock has a higher probability of failure. Will AAPL stock fail this breakout? It is anyone’s guess, but the price action and volume (lack of big, big volume) says it will at least go higher over the next few days. Ideally, volume would have been 40-50% higher.

    NFLX stock once again finished lower on the day as it failed to gain any traction. Cutting your losses is very important and NFLX stock is a great example of why you must cut your losses short and not let them run. It is easier to recover from a few small losses than it does from very large losses. Check your ego at the door; it is not how to invest in the stock market. Always cut your losses short and let your winners run.

    There continues to be positives in this market. However, we do need to see a bit more from this market prior to getting overly excited about a possible move higher. We are looking for a bit more sideways action to tighten up price action. Tight consolidation is a positive for the market and is needed here.

    Themes: Stock Market Analysis Stocks: QQQ, SPY, DIA, SQQQ, IWM, EDZ, EDC, TVIX, TECS, TECL, TNA, TZA
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