We are very excited to announce that Tony LaPorta will be presenting at the TradingPub on his thoughts on the current market this Thursday (May 3rd) at 4:30 pm eastern time. Here is a sneak peek into his thoughts on AAPL... join us tomorrow to hear his thoughts on the overall market, gold, bonds, currencies and much much more - REGISTER HERE
Ladies and Gents:
I always love when the NASDAQ leads. Apple is the NASDAQ. This stock has been flirting with the 50-day moving average for three consecutive days, actually breaking it today, but closing back above the average. In place is a market indicator you will not find in any technical analysis book. This indicator and this bullish trade setup I am about to make is MY TRADE. This is 30+ years of analyzing charts. I call it the Tight Range Follow Through Lower. Basically, after 5 consecutive days of a declining stock price, Apple traded to a new low for the move on today, but traded in a very Tight Range indicating to me selling pressure has abated. I want to go long the stock on the close around $586.00. I am looking for a fairly decent move higher on Thursday ($600 minimum I would think). As my long-term readers know, the success rate of this indicator is uncanny to the tune of well over 80%.
If Apple rallies tomorrow, the NASDAQ will go with it. I love when the NASDAQ leads. If the NASDAQ takes up the leadership role, the rest of the market will follow. I am looking for a positive day on Wall Street tomorrow.
Cheers - TLP
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Risk Disclaimer: Past performance is not indicative of future results. Futures trading involves substantial financial risk. Views of guest commentators do not represent those of TradingPub.com. Article intended for educational purposes only and not meant in anyway as a solicitation to buy or sell certain securities. Please consult your personal financial adviser before using this information for your own trading purposes.