Tuesday was the second day of the new QQQ short term down-trend and the GMI has hit 0………..
With the apparent completion of a head and shoulders top pattern for AAPL, a decline to around $80 is likely. AAPL has also now begun a BWR down-trend with all of the shorter averages (red) now declining below the falling longer term averages (blue). For me, AAPL is a short or at least a stock to avoid. It is about to join the ranks of CMG as a broken stock, at least for now. I only buy stocks in RWB up-trends. Note the difference in the AAPL pattern, before versus after the summer began.
And here is CMG.
And yet the CNBC pundits tonight were debating whether one should hold AAPL. A picture is worth a 1000 words. There is no reason for me to hold a stock in a BWR down-trend other than masochism or financial suicide.
And before the open on Tuesday, Jim Cramer was talking up the virtues of FIT. The stock fell more than 18% during the day. Beware the media pundits!!!!!