Stock Market Technial Analysis Blog
click on image to enlarge
Following up from last night's blog, I mentioned that AAPL had a nice bullish 5/10 setup that they could easily pop the stock on especially if they manipulate it higher in the premarket session which turned out to be exactly what they did. They ran it $5 higher in premarket on vapor thin volume and then squeezed it some more and then when the Fed announcement came out they jammed it yet again for a major one day up move. As I mentioned in the last blog last night, if they did do a surprise QE3 there would be a crazy move off of it, looking at the top chart of the S&P 500 we see that it exploded from the first mention QE3 was a go.
This wasn't your grandpa's QE3 either, this round is open ended ongoing with no cap limit. Basically implying the government will do whatever it takes to prop up the financial markets with no set limits. Everyone will be watching to see if the institutions start sending through their "twin" entry marker trades to designate this will be a major leg up or if they plan to let it be a momentum run that simply ends when the mass of the shorts have covered.
Alan
