Thursday, February 16, 2012
Apple-sauced
Here we are a day removed from the biggest key reversal I've ever seen and like Apple yesterday, the analysis is sauced, too.
It started out lower on Thursday so it looked like the reversal was going to be confirmed. And then the upside reversal. This one just might be morphing into a giant triangle - and possibly of the continuation variety, too.
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Slope of Hope blog....
...."Jason Goepfert of sentimentrader.com stated that there have been 3 other times in 15 years that Apple stock rallied at least +2% to a 52-week high, then reversed during the course of the trading days to close at least -2% lower. Every time, the S&P 500 declined at least -6.8% at some point during the next month. Moreover, if you just took the 1% reversals in Apple, the S&P would have lost on average -5.2%"
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