AAPL fell a bit below my 461 best guess, where it is now, bouncing just in front of 2 units oversold. Again, while I think the likely scenario is a good bounce, it's not something where I want to focus.
Remarkably, the rest of the market is overcoming the -0.35% impact of the AAPL decline, with the S&P 500 breaching the magic 1500 we have discussed. I continue to feel like a little caution is warranted due to this gap below, but I think that the trend is higher. 1525 is the next resistance, and this dates back to action from Q4-07. In reality, we are just trying to guess when some profit-taking kicks in, and it has been a fool's game so far. At 1501 high today, the S&P was .66 overbought, and 1525 would be .87.
My best advice is to respect the breakout if not embrace it. This is the type of market where you buy dips, like ALB that I pointed out earlier or IIVI, which we are adding to in Top 20. Every sale I am making looks stupid, but hopefully only a little stupid!
For Carlos, by the way, a little recap on Top 20:
We trimmed EZPW, SMCI and TITN to add to IIVI, LQDT and MASI. EZPW and TITN were 1.5-2%, while SMCI was closer to 3%. We cut that position from about 8% to about 5%. IIVI and MASI were about 1.5%, while LQDT was about 3%. We took that one from about 4% to about 7%.
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