AAPL Breaks Weekly Uptrend | Trading Game Plan July 10

It’s been a good week to be a day trader

Volume and volatility make stock traders with dormant prop accounts wake up and ask for a seat.

AAPL broke it’s weekly uptrend with $20 to the next support. The stock is finally out of the 5 month trading range. Keep it on your watch list.

The stock market is getting another reversal this morning, higher again. Let’s see if the buyers stick around past 9:45 EDT.

I have heard a lot of traders bottom-fished FXI. I think this was a bad idea, even if they made money.

July 10 Stock Market Today: Map of the S&P 500

(click the map for a full view)

aapl breaks weekly uptrend

Day Trading Game Plan: The SPY ETF Chart

Tough to have a bias on the SPY into the open with fresh news from Greece. The best way to trade the ETF’s right now is off the open price.

(click the chart for a full view)

aapl breaks weekly uptrend

Stocks to Trade | Friday July 10, 2015

Pete’s Notes:

  • Tough to find clean trades on the daily charts with the back-and-forth action.
  • The global news has been so chaotic that you are forced to find reference points intra day. Nothing wrong with that but changes the game planning a little.

Interesting Chart Lessons:

DDD | 3D Systems Corp

DDD displayed what we call exhaustion volume yesterday. Significant spike in trading volume after a parabolic move. This is confirmed because it was also preceded by a weekly down trend. This chart pattern combo of price action and volume is one to print out and put in your trading plan.

(click the chart for a full view)

aapl breaks weekly uptrend

Earnings in play today > 1M avg shares:

Bullish Ideas ATR/Volume/Price: HCA, TSO, NKE, DIS, FB, LLY, NFLX, ACN, FEYE, PANW, EA, GME, HALO, SKX, DATA

Bearish Ideas ATR/Volume/Price: yelp, sndk, isis, gmcr, wdc, fslr, uri, apa, lng, slb, utx, mon, oxy, scty, amgn, mmm

Weak Stock Weak Close: cnq, stx, dd, adt, txn, su, lltc, intc, cat, pot, twtr, urbn, bbby,

Strong Stock Weak Close: MPC

Weak Stock Strong Close:

Strong Stock Strong Close:

20 day Breakdown: aapl, aet, avgo, dlph, intc, swks, pot, txn

20 Day Breakout: EA, MBLY, TSO

2x Normal Volume: TXM BRCD, IDTI, WBA, PEP, GSK, DDD

Watch List Longs: VLO, DIS, TGT, BMY>69, SBUX, LEN

Watch List Short: swn, hal, slb, cop, cvx, xom, axp, txn, ntap, hpq, orcl, luv, klac, symc, adsk, cci,

Inside days: wfc, cmcsa, hal, baxm aal, luv, slb, swn, csx, vlo, coh, lvs, hca, rai, mon, celg, ctsh, acn, wynn, cf, amba, cree, ups, gpro, tol, hog

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AAPL Breaks Weekly Uptrend | Top AAPL News

Why Apple Stock Is Falling Today: Goldman

Apple Inc. AAPL shares are falling — down over 2 percent at one point — on a day when most peers are in the green. Aside from chatter of a technical correction, the Goldman Sachs desk has shared some commentary on the stock.

The firm said it’s “getting questions on rollover” in Apple, adding that there are several factors that might be responsible for the price decline.

See Also: Apple Shares Reach Lowest Level Since March

Goldman’s 4 Points

They include the following:

1. “Concerns about Chinese consumer market given recent developments in their market.”

2. “Recent reports on underwhelming Watch demand.”

3. “Company is in blackout so you won’t see as big of buyback bid.”

4. “Have seen combination of HF [hedge fund] and MF [mutual fund] long supply over last 2 days.”

What To Watch Going Forward, And What To Ignore

Today’s Water-Logged And Getting Wetter Stock: Apple (AAPL)

Editor’s Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer. Trade-Ideas LLC identified Apple ( AAPL) as a “water-logged and getting wetter” (weak stocks crossing below support with today’s range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified Apple as such a stock due to the following factors:

  • AAPL has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $5.0 billion.
  • AAPL has traded 47.4 million shares today.
  • AAPL traded in a range 226.9% of the normal price range with a price range of $3.91.
  • AAPL traded below its daily resistance level (quality: 149 days, meaning that the stock is crossing a resistance level set by the last 149 calendar days. The resistance price is defined by the Price – $0.01 at the time of the signal).

Stocks matching the ‘Water-Logged and Getting Wetter’ criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility.

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