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AAPL shorts get a big spanking


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Last year during the SPX topping process, in April the US dollar went dumpster diving relative to the loonie down into the mid $0.90 range. I am increasingly thinking that the breakdown from the trading range in the last 4 months might be real, and that we are going to do a repeat of last year. If this is true, it merely means a retest of the stock market highs before it rolls over for good, not some huge victory for the bulls.

 

I have been waiting for an exit point from my GLD and SLV so I can go short. I think I will wait another day or two.

 

 

Why attempt to correlate the dollar and the stock market? I see people doing it all the time and I just don'tunderstand it. The relationship flip flops all the time. If there's cause and effect, to me it would seem that rising stock prices would attract dollar purchases and vice versa. But I have never seen what I felt was a reliable correlation over longer periods. In the short run, everything moves together, but the poles can reverse without warning.

 

Ouch. Lemme think about that.

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I can't recall seeing right shoulders whose necklines sloped up resolving to the downside. I'm sure they do sometimes, but most of the time when they're making higher lows like that they resolve up. That pattern in April looks like a Compound W pattern, warts and all.

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As I see them, the main SPX support and resistance lines are below. We could just be painting a right shoulder with an imminent reversal, but I am guessing it goes higher.

they won't shamtrade AAPL up 50 points every day

 

they want out of that one now, it's all played out

 

I bet we close below 1340 Friday and gap open below 1300 Monday morning

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