Warning: Following my trades may be hazardous to your financial health. See Disclaimer.

Tuesday, July 10, 2012

Can't Get Excited About AAPL

Despite all systems are flashing buy signals, and TraderFlorida is once again long on AAPL, I just can't bring myself to pull a long position.  The AAPL daily chart is against the 76.4 Fib retracement and the ascending channel.

But that's not reason to be bearish at all.  What really troubles me is the 60 minute chart.  Prices retreated and then broke into new highs, and yet the MACD went flat-line, no response whatsoever despite high volume.  No, I am not shorting and being crazy enough to trade against TraderFlorida.  I'm watching and learning.

UPDATE:  Here is how AAPL ended the day.  So this time I was right.  See To Follow Or Not To Follow, this time I'd be better served to tune out even the "noise" from TraderFlorida.  But bottom line remains: what's the odds that I am right?  

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