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On Friday, Apple (AAPL) closed at its highs for the day and highs for the week. This has not happened since April 5th (holiday-shortened week) with AAPL a day away from its last all-time closing high. For about the next six weeks Apple sold off almost every day with one important post-earnings pop that delivered one of the best post-earnings plays I have ever analyzed. Last Friday’s close marks a subtle but definite change in momentum for Apple as the company goes into this year’s Worldwide Developers Conference (WWDC). This change can best be seen in the weekly chart. I first show the daily chart which clearly marks specific turning points and mini-trends in the stock. In particular, note that AAPL is now resting directly under resistance at its now declining 50DMA. If the WWDC is somehow a dud, we should know pretty quickly.
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Stocks were pretty flat yesterday, and we were in a boring sideways session. There is little to say besides that the index is hitting resistance around the 78% retracement level...
It was a bit of an off day. The gap down had all the makings of a substantial sell-off (one I tried to short), but in the end, it was longs who came out on top.The question for...
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