Narrative remains a Day Trader market, while a majority of U.S. Market remains in bearish correction territory with exception to high dividend safe haven areas like Utilities and Consumer Staples.
As for $AAPL, it’s one of the main contributors for this downward spiral due to its significant exposure (weight in portfolios and indices). The “Tech Wreck” needs Apple and others (like Amazon) to turn around with bullish buyers conviction, if we’re going to see an upswing. Of course, Apple will turnaround, eventually.....
I still suspect the low isn’t in for the broader market. The 24,100 area on the DJIA remains on my watch list before the markets could see institutional money presence. Until the lows have been sniffed out with buyer conviction - the bearish correction can continue, even till the DJIA Feb lows. Evidence of the 2008 correction shows that a bear market can continue for weeks, months, and years.
I’d rather be out of Apple and Tech until the institutional money stepped and and a low is found with confirmation. Nothing wrong with chasing Apple when there is significant momentum to the upside with enormous buying blocks; however, it’s anyone’s guess when that may be. TODAY, I expect light volume and nothing significant enough to be a game changer.
The G20 and Fed Meetings are coming up - those could be the catalyst to change the major trend - only time will tell. In addition, it’ll be important to see how the Black Friday retailers performed going into the potential “Santa Clause” rally, if there will be one.
Hope this helps!
~sent from phone
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