Blog Post: Day 38 of $QQQ short term down-trend, could end Tuesday; When will $AAPL have a GLB? see monthly charts

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As my readers know, I like to buy stocks when they have a GLB to an ATH. Once a stock has a peak that is not surpassed for at least three months I draw a new green line. This monthly chart of AAPL shows 3 GLBs where it would have been profitable to buy AAPL. Now that a new green line as been drawn at 182.94, I would not buy AAPL until it breaks above that green line. You may think that you should buy it much lower. But you never know if a stock can climb back above its green line, until it does. Check out AAPL and then MSFT to get the point.

Once MSFT formed a green line top in 1999, it took until 2016 for it to have a GLB. That is a long time to wait for a stock to come back when one could have instead bought other stocks having a GLB.

 

 

 

1 thought on “Blog Post: Day 38 of $QQQ short term down-trend, could end Tuesday; When will $AAPL have a GLB? see monthly charts”

  1. Love the GLB concept. A simple rule for applying the timeless wisdom of buying new ATHs. In case of failure you fold with minimal damage. Otherwise the sky is the limit. Reminds me of the quote from a William O’Neil interview: “That’s when I realized charts are important. It started by knowing that Dreyfus was performing better and I wanted to find out how. I got 2 or 3 of his quarterly reports and I plotted out charts on all these things he owned. They all had chart patterns and he only bought things going to new high ground.”

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