Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Monday, March 18, 2013

SPY Drops, AAPL Runs UP

Stock Market Technical Analysis Blog

click on image to enlarge

In the market today, the VIX cat jumped back out of the bag as can be seen in the upper chart causing the S&P and SPY to sink and some good rotation money to flow into AAPL as it had a big second day from its breakout of a 6-month downhill channel.  It will be interesting to see how determined they are to get the cat back into the bag considering we rang the bell on the 4-year S&P upper channel line last week.  Until we see any signs of waning in the continuous market push effort from those behind the curtain, most traders will probably expect any down day to be followed by a bounce day the next day.  It may not be that simple though, I am expecting a lot of confusion in the market as to where we go from here.

Trade well my friends