kaltbaum midday

I mentioned this morning that AAPL was $53 under the 200 day moving average…and that was with hardly a rest. Today, it finally is bouncing…helping the market….at least the NASDAQ/NDX. Keep in mind, in bearish phases, all bounces do is relieve stretched,extended and oversold conditions. When those conditions are relieved, the downside continues. Be very very careful. You are going to get some whippy action in here as things bounce…make you feel better…get the masses all comfy again…and then…splat.

 

Only a follow through day potentially turns markets…not thought or opinion. And in bear phases, many follow through days fail.

 

Also of note:

 

Seeing the biotechs bounce…they were hit hard.

 

Semis up…only area that can possibly make a higher low.

 

Housing not feeling it as a few are just topping out…look at BZH,MDC,MTH,SPF,TOL. Other names teasing a break of the 50 day.

 

Will have a complete report over the weekend.