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Have you ever seen a fight, where round after round a boxer seems to be landing blow after blow with no effect? But late in the fight, the boxer lands a simple body blow, and his opponent collapses. What happened? The boxer was beaten from the inside out.
The surface of things is not always as it appears. You must look inside to see the damage that is being done.
ES broke up with confidence yesterday morning. Overnight ES has made a marginal new high on strongly negative 60min RSI divergence, so some retracement soon looks likely. Strong support levels in the 1530 and 1520 areas and this would be a dip to buy:
One year ago, March 2012, people were flying to Los Angeles and gearing up for an investor conference dedicated to one and only one company: Apple. That's right; the entire conference wasn't just about trading stocks; it was about trading AAPL. (I was going to show you the site, but the URL now is dead and parked, although their Twitter feed – dormant for the past nine months – is still viewable).
It's kind of remarkable that so many indexes have made lifetime highs recently including, of course, the Dow 30 today, without Apple's participation. AAPL has fallen 40% from its peak, but in spite of this, the once-largest company in the world having this kind of collapse, the rest of the market has merrily churned higher.
Even with Yahoo's stellar strength over the past year, the stock is still about 80% lower than its Internet bubble high. As I think back to Yahoo's revolving door of CEOs, I can't help imagine to myself that, some years ago, the board collectively stated: "What we need is a pissed-off blonde female", and they got Sue Decker.
