There is a discussion that the market might be heading for a top. I have reviewed the monthly chart going back 20 years to the great big bull of the 90s, the index at the time was consistently uptrending with the the price being 80% above the 50Month MA. The market traded in a channel for years and once it broke above that channel, which became support in 1999 and...
Initiated long position at $528 today.
My theory is that it is just below support (a very bearish sign to get people to give away their shares for the cheap). It is forming a triple top, and it will rally on Xmas sales.
Target is to sell over $630-650 around Xmas shopping news release (which will be the best ever!).
I went short this market before the close by shorting the index... my reasoning is that the big boys want Romney to win, and Obama will win so big banks will punish the market... the market is technically weak too as per chart ... target S&P 1370 ... free fall coming wait n see :-) (unless Romney wins!)
its time to Short this company, today is up only a little when the price of lumber is limit up, this should have gone up 15-25%... meaning that the stock is being churned... time to sell..Disclosure - no position
This is a classic big blow off top and reminds me of many companies that eventually churned and turned down very fast as quickly as they rose.
So here are the targets based on trendlines, $70 by end of November, $60 by end of December, and $50 by end of January 2013.
My target is to cover in the $70s. Shorted @ $120.
time to take your profits in Apple Inc, the growth story is still on, but the expectations are now impossible to meet. It has been a great run for who bought around the $200 level and held above the upper trendline. Do not get too greedy.