It's A Market Of Stocks Not Just A Stock Market
Right now the markets are retesting their highs. Should the retest fail and leading stocks like AAPL, CREE, CMG and NFLX form double tops, then we'll really want to pay attention to that.
Take a look at AAPL:
So currently where is resistance? The red line. Let's see what happens there. Surely no low risk entry point to be had. The most recent entry was when it was in the $256 level and you blinked your eye you missed it. We even said something to that effect recently and that was something like - It means we'll be buying them on bad days in the market. This is the information age and things are real fast -- get used to it.
Tomorrow is 1st QTR GDP and that's a market moving number. Which means we could go either way. Volatile to say the least.
But for now, it's a market of stocks and it's all about chart recognition and doing what the charts tell you to do.Case #1 -- VRX
VRX is a leading stock that pulled back to the 50-day average. When it did so, POW ZOOM right to a retest of the recent highs.
Case #2 -- WRLD
A clear case of range bound trading. The resistance of the red line is where to place your short-sell trade and you cover at prior lows near $34.
Case #3 -- GMCR
In our newsletter Monday we said --
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Disclosure: No positions