Miscellaneous Ramblings

GLD negative reversal.  Sell your GLD.
Tuesday NDX was oversold at -2.5 of range.
Yesterday it reversed to 8.0.
Today it reversed to -2.3.
Usually, it will reverse from a -10 to -20 level providing a solid 2-3 days of rally and then retest, going back into negative numbers before reversing again and producing a more substantial rally.  Today's action suggests that we are still early in the "bottoming process". DJI and SPX have not reversed from negative levels. SPX support at 1011 vs today's close of 1047.
Unfortunately, an oversold market which cannot bounce is one of the MOST DANGEROUS markets, because the greatest losses(gains) come at the END of moves.  Look for volatility to increase, VIX currently 27+.
Dollar consolidating gains.  Look out, the next move up could be a breakout.  Dollar up, gold down and probably stocks down hard.
AAPL broke below critical 240 level (239.93), with the range at -14 and reversed to 242.89 to +3.0 range.  Today closed at 240.28 with range -2.0.  The bear is 'playing with his food'.  Look for AAPL to close below 200 this year.
Is Japan in terminal phase?  Looks like Nikkei 5,000.  Yen bubble may burst, but probably not yet.  Wait for it.
Dow Transports give negative reversal.  After 10% drop!  Not oversold yet.  3,870 support.
Visa about to fall off the shelf.  Support at 70.  Next support 45.  Yes, I own LEAP put.
SHLD, will it hold 60?  If not, then 34.
URBN support at 30.  If it breaks it, next stop 15.  Retailers will be ground into dust.  Bank stocks of 2010.
CSCO.  Will we see 13.61 again?
BAC has broken support at 13.70.  Next support 11.27.
If GE breaks 13.80, then 10.50.
RIMM.  Next stop 36.
Ten year note below 2.50.  Deflation.  No need to refi yet.

AAPL - I'm Calling a Top...

Admittedly, this is premature, but that has never stopped me before. The top is in for Apple. The 240 level needs to be broken decisively for a true signal to be generated, but it is just so tempting... If the 280 level is broken decisively any sell signal will be negated. So there you have the levels worth watching. 27 points of risk, with 63 points of profit potential. Not the best risk reward ratio yet, but if that 240 level yields that will be more like 5 points of risk, with 45 points of profit. That would indeed be a sweet trade. Now if only I can wait until it triggers..... Trader know thyself and know thy risk.