Author: Evan

$AAPL uncertainty out of the way – time to resolve this range?

overall market outlook, gap analysis, trade expectations

Overall yesterday we had some weak market price action. The opening prices were the highs and the market saw continued selling all the way back down to gap fill and once again bang against the 140.80 lows. We are still holding this recent critical zone of 140.8-141 but for how much longer? The more we come down and test this area the less likely we will find buyers when we arrive. We need to get out of this zone to get some directional certainty, below 140.8 or above 142. Until we do, expect continued chop back and fourth within this point and a half trading range. $AAPL reported yesterday and the street seems to be giving it a pass on the slight miss of Q3 numbers. Perhaps with that uncertainty out of the way markets can resolve out of this range over the next day or so.

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Bulls time to shine – I am not a believer

overall market outlook, gap analysis, trade expectations

Coming into today bulls are getting their chance to take the baton and run this market higher. We had a real negative looking close yesterday however the bulls case is such that we put in an intermediate term double bottom and it is time to see what kind of legs this bounce can get. I am real suspect of it and I believe this is a chance to sell some longs into strength or establish/add on to short positions.

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Quiet Two Way Action

overall market outlook, gap analysis, trade expectations

I expect the market to see some two way trading today. The close at the midpoint of yesterdays range suggests indecision and lack of commitment by both the bulls and the bears. I believe it will be a relatively quiet and choppy session as we digest yesterdays sell off.

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Market Weakness

overall market outlook, gap-up analysis, trade expectations

I expect the market to see some early weakness after the drip lower into the close yesterday. We have had a nice run but we can expect some digestion either by price or through time. Look for stocks to find some support, do not initiate long positions until there are signs of buyers.

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