Dr. Kris'  Instablog

Dr. Kris
Send Message
Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
My company:
Stock Market Cook Book
My blog:
Stock Market Cook Book
  • Intraday Market Notes: Is Tech Poised For A Turnaround? -- November 16 3 comments
    Nov 16, 2012 7:31 PM | about stocks: AAPL, GOOG

    3:30 pm ET: Today's Obama meeting of congressional leaders resulted in some willingness by both parties to effect compromises regarding the fiscal cliff. These bipartisan overtures came as music to Wall Street's ears as evidenced by the abrupt mid-morning market turnaround following the Capitol Hill meeting. The high dividend paying issues (income funds, MLPs, REITs) that have been getting hammered recently stormed back with a vengeance with many of them completely erasing yesterday's dramatic sell-off.

    With a half an hour before the close, the major averages are rallying but one has to wonder if some of this action isn't due in part to short-covering. No one wants to be short over the weekend and I'm not sure if anyone wants to be long, either, considering the rising tensions in the Middle East.

    One of the few stock events worthy of note are the bottoming tails that have formed in the charts of Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG). What this shows is that the buyers are willing to step in at these levels, effectively putting the brakes on any further decline. Whether these bottoms hold remains to be seen but if you have short positions in either of these, you might want to cover them. From my point of view, I'd rather take a real profit than a potential loss.

    Have a good weekend! Go UCLA--beat 'SC!!!

    Note to Subscribers: There are no new entries.

    Stocks: AAPL, GOOG
Back To Dr. Kris' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (3)
Track new comments
  • ibarkinthedark
    , contributor
    Comments (151) | Send Message
    Confirming your analysis, the Japanese spinning top candles on both of these charts intersect major Fibonacci support. Therefore, the sector could well be in for a bounce here.


    On a 4.0 box point and figure chart, AAPL will reverse to a column of X's on Monday. However, longs should protect positions here and consider exits on a rebound as both AAPL and GOOG have broken trend on a point and figure chart with 5 consecutive sell signals for AAPL and 3 for GOOG. Got puts?
    18 Nov 2012, 09:20 AM Reply Like
  • Dr. Kris
    , contributor
    Comments (377) | Send Message
    Author’s reply » Joe Terranova on CNBC is saying that AAPL at this level is "the buy of a lifetime." I don't agree with him as margins are compressing due to increasing competition. Samsung and others are putting the full-court press on Apple and it's not going to get any better.


    Unless Apple can continue to innovate (and I'm not seeing that happening without Jobs--the set-top TV box should have been already introduced), I don't see it regaining its position as tech Master of the Universe.


    My two cents. Thanks for your technical input--much appreciated. I haven't looked at point & figure charts for a while--where can I find them? There's a bit of an art to reading them and I'm definitely rusty,


    Dr. K
    19 Nov 2012, 12:45 PM Reply Like
  • ibarkinthedark
    , contributor
    Comments (151) | Send Message
    Sorry, out hunting deer. Not everyone gets Thanksgiving dinner served to them on a platter.




    Enjoy the holidays!
    24 Nov 2012, 11:26 PM Reply Like
Full index of posts »
Latest Followers


  • Governtainment: The Ace Hotel in LA is offering "a no-holds-barred evening of music, laughs & astute political analysis" Monday nite.
    about 19 hours ago
  • De-ranged: Livestock etn $COW breaking recent support to hit another all time low (post 2007 ipo).
    3 days ago
  • Risk-on rules! Breaking out to new yearly highs--Tech related etfs $XLK $ROBO $PNQI $FDN $SOCL $SMH $SOXX; Med devices $IHI, Gaming $BJK.
    4 days ago
More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.