A stock tops out long before its earnings do. That is the value of technical analysis. This daily Guppy chart shows that AAPL entered a BWR pattern in early November with all of its shorter and faster moving averages (red) declining below its longer term averages (blue). The media pundits who rely on the fundamentals and news to forecast a likely move are usually late and wrong. Stocks discount the future. So why are all world markets declining? Stay tuned…..