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Yes, it's my fourth post on the poster child for Silicon Valley VC retard-excess, Color.com
I was reminded of them simply because I was strolling downtown, getting a milkshake for my son, and I thought I'd peek in to see how things were going at the firm which got $41,000,000 in funding without so much as a PowerPoint presentation. Here's the photo I just took:
One trendline down. One to go. 1414.50 is key.
I came into the day with nothing but shorts (this is not a declaration of my attire, but my positions), and I've been adding to them today. One position I already had was NTRS (Northern Trust), and it's moving along nicely. In the big picture, we've got a symetric triangle which was broken and fully retraced. We're bouncing off the underbelly of the apex.
Zooming in, we've also got some nice candlestick action – – a bearish engulfing pattern (arrow) as well as an abadoned baby (rounded rectangle). Boom chaka laka laka.
I called my brother last weekend and told him that we might get an unexpected bearish breakdown this week or next week and that the QEX rally that almost everyone, including me, has been expecting might be delayed or even possibly cancelled. I was looking at the AAPL chart at the time, which I've been looking at a lot this week, and yesterday morning it looked as though the H&S there might fail. It hasn't though, and looks grimmer than ever after a perfect retest of the H&S neckline and failure of a small IHS from the low yesterday. This is an important chart and AAPL is big enough to move both the NDX and SPX significantly just as SPX is poised just above major support. I tweeted an hour ago that AAPL looks ready to bury short term and that is what it is from a technical viewpoint:
