Posted Tuesday, July 24, 2012 @ 7:00 am by Dr. Wish
GMI declines to 3, QQQ closes below 30 week average
I cut back on my long positions in my trading accounts on Monday. While the QQQ is still in a short term up-trend, the QQQ closed below its 30 week average, a very ominous sign. IBD considers “the uptrend under pressure.” Reaction to AAPL’s earnings announcement tomorrow evening should tell us a lot about the market’s sentiment. The T2108 is at 60%, in neutral territory.
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Chris added these pithy words on Tue, 7-24-12 at 5:27 pm$AAPL gets wacked. This is a classic case of technical action warning about fundamentals. Stock was in an ABC correction since march. After todays close and ER, the C wave began and I would expect more downside to this stock.
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