Stock Market Technical Analysis Blog
click on image to enlarge
In the market today we did indeed see the VIX upcross at the open which caused the S&P downcross and set the stage for another ugly day. AAPL ran up 4% for a nice earnings play off Friday's setup but those who didn't sell the news as it was released were surely disappointed as APPL turned and puked into the bell.
While we closed out our APPL trade as the i-watch news was released, we did not take a short position on the SPY, we feel it would be too easy to bounce the market back up some tomorrow.
The APPL purge which began when traders realized there was nothing that wowed at the Apple event was truly extraordinary. Looking at chart 3 above you can see there was an 80 million share sell imbalance in the on-balance-volume reading from the top of the obligatory run up to today's close.
Today was very negative but realize Team Yellen did not just disappear. We expect them to be back on the field tomorrow.
Trade well my friends
Alan
