The Wrap 4/24/12



Congratulations to all of you AAPL players that stuck with your convictions, blocked out the negative noise and hung in there. You deserve it. Anyway, in case you were off the planet today, AAPL closed on the horizontal blue line (560) and closed in the after market at the white line around 602. A nice pop. Earnings were yet again off the chart.

What is just as important as AAPL, will be its effect on the market tomorrow. We should see a helluva gap as QQQ and NDX exploded in the after market.

Coal was a great performer today and names like WLT, ACI and eve JRCC had nice gains. WLT broke out of its downtrend line a couple of weeks ago and has been straight up ever sense. I am seeing the same chart patterns in names like ACI, JRCC, and ANR   OIH was strong with names like SLB and BHI acting well. Energy is in a weird place right now, but XLE and OIH are improving technically and may be the next sectors to get going. We’ll see.

Technology was a disaster today, but that should all change tomorrow. Semiconductors (SMH) are in rough shape and are in correction mode. I am watching NVLS as a possible short. Take a look below at what ALTR just did. So sectors continue to rotate.

Along with the winners there are some losers and BIDI is getting taken to the woodshed in the after market.

If you remember I put CSH on the blog as a potential short last Thursday and it has dropped about 8%. Just because they aren’t on the P&L as an official entry doesn’t mean you cant play them if they break. The reason I mention this is because there is another one that looks like CSH (same business) that has a chart that looks just like CSH before it broke lower. Here is the chart below. If it breaks 38.30 it could be good for 2 or 3 bucks.

We’ll see where we go tomorrow and I will let you know if there are any new additions, although I hate chasing gaps, so I will wait for things to settle.


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