Tuesday, August 13, 2013

$GOOG follow-Up

Looking back at my post from $GOOG yesterday, the drop below the lower raising trend line held and now today, we are seeing the sell off. Still have a target of the 100d SMA for right now.  Course is continuing in the direction we planned with no reason to stop.  With the day averaging 3.5m shares traded, everything looks good for the drop.


I wanted to comment back on $AAPL today since yesterday I was weary about the premarket pop. I was looking for a fade at the open but clearly we did not see this. This is one of those situations where when things don't go as you planned, it is time to re-evaluate your plan. Yesterday was a strong day for $AAPL and today is just a nice follow through.  As long as the 200d SMA holds and the RSI doesn't push above 70, $AAPL finally has the strength to keep moving up. A move in the next few weeks to fill the gap from January is completely possible given the price movement. I would like to see some more volume come in on the move up though, if it is going make it to $500.

Happy Trading!

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