Apple Topped

AAPL
AAPL

….as he stated the obvious. The text on the chart pretty much explains it. You can’t make new highs day after day on lighter and lighter volume, it got crowded and the fun ended. Everyone made money, now it gets tougher to make easy money in the name. Yes it probably tags 600, maybe by year end, but now $AAPL needs to digest, back and fill and in all honesty, maybe go lower first. Owning the most owned stock on the planet has its advantages when the buyers are rabid, but you need to respect the sellers too. Stocks are bought to eventually be monetized and that’s all that happened today. Sometimes it gets violent. Today looked like a textbook blow off top.

The $NDX (Nasdaq 100) completely reversed today too. Apple dropped about 32 bucks from top to bottom today and NDX dropped 44 points after it maybe tagged its own top up at 2400 today, about 45 points from top to bottom.

What happens to the broader market is anyone’s guess. When you put a wounded AAPL in the mix the sledding could get rough over the short term. Makes you wonder if that big pop in the VIX wasn’t a shot across the bow last week. 1300-1320 is certainly possible if the bears decide to press. My gut says they do over the short term.

Careful out there.

 

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