Sunday, October 14, 2007

Turn at Hand?

Just a brief note this evening as we haven't had much time to get back in the saddle after being out of town over the last few days. The most important characteristic of last week's action is the Thursday rally and reversal. The gap up opening and flat trading was followed by a sharp selloff that took various stocks down in a breathtaking drop.

AAPL (Apple) dropped 14 points in a heartbeat or about 1 minute. When stocks drop like that, it just proves the fallability of the bullish argument.

The pattern should be complete to call this rally over with a sharp decline to follow which should be almost immediate. Please come back tomorrow for better coverage.

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