While the chart pattern of Apple (AAPL) certainly looks much stronger than the overall market, all of the action since its peak in late-April has the right look of an intermediate-term corrective process that is incomplete.
Deron Wagner will be monitoring price action closely in the coming days, to determine the appropriate plan of action based on whether or not the February lows manage to hold up.
It would not be surprising to see, based on the macro trading background in Europe this morning, some bounce off the open, but it would be surprising to see a sharp V-shaped rally following Friday’s data.
Is the US in a "V"-shaped recovery? Are we returning to the old normal? A great deal hinges on the answer, and this week we look at some of the evidence before us.
The stock market indices hit the skids on Friday as fears from Europe and bad jobs report numbers sent the market sharply and steadily lower all session.
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