Last November when it was about $44 I posted about a break-out of ASPS. It has been listed on my stock sidebar, to the lower right, for quite a while. ASPS closed at $102.69 on Wednesday, up on monster volume.
5th day of QQQ short term down-trend
Markets appear to be in a pre-earnings release lull. Time to wait on the sidelines.
4th day of QQQ short term down-trend; AAPL weak
If we reach day 5 of a QQQ short term down-trend, I will be more confident that we are at the beginning of a longer down-trend. I am slowly adding to my positions in TECS and QID. The longer term trends remain up. However, AAPL, the tech leader, is weakening and is now below its critical 10 week average. A close below its last green line top ($644) would be an especially ominous sign. Check out this daily RWB chart, indicating that the short term averages (red lines) are converging with the longer term averages (blue). AAPL has lost its important daily RWB pattern.
