Yesterday, little rally has seen Chikou Span breaking through the kumo.
If the index can continue to hold above this level and at much higher volume, it will be a great signal to load up some stocks.
The Weekly Resistant is at 932; quite a fair bit of space to make some bullish trades here.
However, I will need to see SPX moving up and closing above to feel 870 completely to be sure.
AAPL has a good run since the last rally. And it deserves so.
A premium brandname, great product line and an incredible quarter despite Steve Job’s absence.
However, looking at the Weekly Chart suggest that it is going to slow down and take a break.
1. The candles are getting shorter.
2. It is hitting resistance at $124 on the Weekly chart.
3. And there is also a huge kumo ahead.
At the same time, if there is a successful breakthrough above $130, then AAPL may on to something. Perhaps a new product line, the return of Steve Jobs or something that blows our mind off.
For now, I am anticipating that it will retrace for a while. With a retracement, it will setup a possible cup-n-handle formation.
Richard Woon has an update on the dividend for ACC on SeekingAlpha. In the article, he highlighted some of the possible outcomes. I encouraged for those who are more interested in the fundamentals of ACC to visit the site and read it.
Personally, I shorted ACC yesterday. The position is meant to be short term trade.
1. With yesterday’s drop, we can see that the opening price was right below the 200 day EMA. A perfect indicator to hold ACC’s advances!
2. Over the next few days, the fear indicator from the Swine flu will continue to have an impact on the market. I remember that during the SARS days, the fear was at its height. People were grabbing the N95 masks (and any other masks available in the market) for protection. A lot of it will depends on whether this bug will continue to spread.
3. For now, I will just stick to some simple support level and take profit wherever the opportunity presents. Support level 1: 20.74. Support level 2: 18.96
4. Do note, that at this moment, this is not a bearish trend. Rather, it is more of an intraday play. We can also see from the chart, that the volume for selling is pretty high as well. I suspect this is just some smart investors/traders taking profit. But, if the selling persists with high volume, those who are ‘long’ in this counter might want to take note that it could be the ‘big boys’ selling.
