Slope of Hope Blog Posts
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For as long as I can remember, MarketWatch has featured long-haired mega-bullish analyst Cody Willard on its home page. This is one of those Apple $1000/share fan-boys (although it was brought to my attention by a Sloper earlier today that earlier this year, in February, he upped his target to $1500).
When AAPL slipped from $700 to $600, he declared the stock as having "the flu". I'm not sure what actionable data can be drawn from such a metaphor, but I guess now that the stock is threatening to break beneath $500, it has contracted explosive diarrhea.
I was saying yesterday morning that equities were looking short term toppy and they broke down fairly early in the day. On the SPX daily chart the decline found support at 1416, just over the support levels at the 50 and 100 DMAs that I mentioned in the morning. That could be the extent of the retracement, though I'm thinking we most likely see more, and on a break below 1415 area support I'll be looking at the daily middle bollinger band or 20 DMA in the 1405 area: