When Things Show Up, I Let You Know

Apple

Yesterday, I told you there was a chance in that, in the near term, Apple had some climatic action. Today, Apple was down at one time about 12 bucks…and finished up 4. So I got emails asking me if the reversal to the upside today negate the reversal to the downside yesterday. Here’s my take:

I think by precedent, in the near term, Apple’s going to have trouble getting back to those highs. I’m going to thing, that Apples going to go into a trading range. Not because anything’s wrong. It’s normal. They’re doing a lot of biz. The stores are still packed. If you’re a long termer, close your ears.

If course, if it breaks above that high – it’s negated.

Setups

I have this line that goes, “If things show up, I will let you know.”

I gotta tell you, there’s a lot of setups happening right now. How do you get setups? You get them when things pullback or when they’re tight.

As I scanned today…man, some stuff showed up.

• Because when you look at the Russell 2000, it’s in a two-week tight little “whatever you want to call it.”
• When you look at the Small Cap 600, you see the same. And it looks like it’s going to come out of it to the upside.
• When you look at the S&P 500, you went above yesterday’s high.
• When you look at the Dow, you’re about to go above yesterday’s high.
• When you look at the Nasdaq, you’re above yesterday’s reversal high.
• When you look at the all-important Semiconductor Index, it broke above near -term resistance today. There was a lot of strength in the Semiconductors today.

Now those indices represent stocks. That means stocks are doing these same things.

I’ve got a bunch of names....

Editors Note: Gary covered these names in detail last night on his radio show. You can listen to it here.