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Wednesday, April 25, 2012

AAPL

It's funny how one stock has come to dominate the stock market the way AAPL has in the last 3 months. This has a lot of characteristics of a climax top, but with one characteristic missing: this did not have a lot of gap ups approaching the top, and volume did not rise dramatically, so there is a possibility this has not hit the ultimate top. It formed the dreaded black candle today, but also did in January when it started it's take off. The volume pattern for the last couple of weeks is terrible, and today, on earnings, it actually got less volume than it did yesterday. It is pretty clear the big money boys are getting out. While I am n ot very confident in trying to forecast where this is going to go, I don't really like gong long here at all.

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