Yea we got that big move after that contraction...only it was down and by a large margin. Although it never triggered to the long side, one should always look to leadership in a tape like this. I will post some more setups in some stronger stocks as I see them.
Market is still in overbought territory here. Aside from a few breakout s in random names past couple days(AMZN, RIMM, DELL etc). Not many high quality setups.
Also AAPL is just a too noisy a stock these days. Try to find some more of those gems that no one is watching i.e Lumber Liquidators (LL).
Gold price action looks terrible it cant seem to hold a bid, meanwhile silver and platinum are ripping.
Gold has outperformed Silver by 300 basis pts over the last 20 days although it was up more then twice that. Gold is holding the monthly level. I have it at -1 on the monthly and -2 on the 5 day and +7 on the 30 day down from +13.
for those playing aapl long, the issue is pain. Ed Seykota once said very wisely if you can make 20% you can lose 20%, good explanation of vol by the way. you could apply ACD to vxapl for fun, broke out now reverting............