kaltbaum email

Didn’t have a chance to scan tonight as I had a charity event.

 

But…AAPL now becoming case study for me going forward. My thoughts have been simple. Everything AAPL has been doing for months…reminded me of every top of a big stock I have ever seen…and now the bad news comes out. Print it out and notice it first broke the 50 day…then broke the 200 day…and then every subsequent rally was contained by the declining 50 day. And now…more and more institutions that are still neck deep in the stock…will be jumping ship.

 

I am not in the camp AAPL will affect rest of market. It will just affect as much it is of an index…which means NDX in for more trouble versus rest of market. Other than that, things remain extended, overbought with a big dose of bullishness…so maybe a pullback…but expecting any pullback to be contained.

 

Will have more in the morning.