There are really only two markets right now that seem straight-up, no-doubt-about-it bearish: miners and bonds. These were two "safe havens", but with the world's assets pouring straight into AAPL these days, safe havens are seen as boring.
I've been more than a little obsessed with miners, and it's heartening to see at least one chart which is breaking down beautifully and without delay.
Here are five words guaranteed to lose money. “I am now short AAPL.” Or are they?
Last April, I shorted SLV in the face of the great precious metal mania. Everyone wanted silver, Cramer was telling me to buy silver, my precious metals refining neighbors were telling me to buy silver, silver was absolutely going to blast through $50/oz., the banner ads on my browser were telling me to buy silver, Zerohedge was telling me to buy silver, and everyone who owned silver was borderline insufferable with joy. Silver was the world’s greatest hedge to every global problem. So I sold the hell out of silver. One week later SLV lost 25%.
Now, 11 months later, the world has found another AAPL of its eye. Pun 100% intended. Their iPhone’s cure cancer. Their iPad’s help the blind see (retinal display…seriously?). Their iPod’s have cultured the ignorant. Everyone wants AAPL.
AAPL is easily a $1,000 stock, Cramer is telling me to buy AAPL, every analyst has a buy recommendation on the stock, and according to all valuation metrics (except common sense) it is still cheap. Buy AAPL! So, today, I sold the hell out of AAPL. History repeats and I expect it to repeat two days from now.
March 29 will mark the 7th birthday of the Slope of Hope, and as I've suggested a few times since the beginning of 2012, there are some exciting changes coming to the blog in a couple of months.
In the midst of working on those improvements, I wanted to ask you directly what are some of the things which you'd like to see here. Some ideas to get you thinking:
+ Are there some instructional/educational videos you'd like me to make and have available on the site?
+ Are there certain features in the comment system/community you wish existed?
+ What are some tools or features that would make Slope more useful to you as a trader?
You don't even necessarily have to offer up an idea of your own – – at least read the ideas below in the comments section, and if you see an idea that you agree would be a positive, please click the Like button to vote for it. This way, I can easily see from the comments stream which ideas are most appealing to Slopers.
Thanks for your help and opinions! I really appreciate them.
You have Apple (AAPL) finally giving out a dividend, and the market is rather muted today. Most of the charts I'm looking at, I'd say 2/3's of them are completely parabolic. When you have that, it makes it very hard to find any descent setups, either long or short. Nonetheless, I still found some charts that I really liked and in particular Ford (F) once it decides to break out.
LONG: Ford (F)
LONG: Sprint (S)
LONG: Broadcom (BRCM)
SHORT: Express Scripts (ESRX)
Be sure to join Ryan for free at the SharePlanner Trading Network.
When I wrote this post back on January 10th, I did so tongue-in-cheek, but it seems that the pattern has indeed played out as feared. We are only about 1% away from the target as I'm typing this.
We've been testing resistance on equities for three days now, and they may go higher, but unless we see some definite resistance breaks, this looks increasingly like topping action to me. The key trendline to watch in my view is the rising support trendline on ES from the last low, hit overnight and currently in the 1394 area. I have rising resistance trendlines in the 1404 and 1410 areas today if we see more upside: