you don't need to be a hero here , notes on chart

11 окт. 2013 г.

AAPL our upside level of importance has been clearly identified by the market at 492. I could make a good case that you don't need to be a hero here until we can breach and hold that level to initiate or add to an existing long. With a near 2% rally in the indices yesterday you would think apple had every excuse to leave this level in the dust but even with all of the surrounding strength we failed for a 5th time at this level. That by itself is not a reason to get uber bearis but instead give you some important context to view the recent price pattern. We continue to build cause in a relatively tight range so until we get a breakout one way or the other try not to get chopped up in the noise.