Tradable Trends in 3 Tech Stocks
Most traders are aware of the seasonality of tech stocks, and Thomas Kee, Jr., of Stock Traders Daily highlights three opportunities he sees in the charts at this time.
In market environments like these, investors do not need to hear the warnings I have been making for months as much as they need more specific stock related information. My intention with this article is to point out both potential opportunities and risk controls in three of the 1,300 stocks that we follow at Stock Traders Daily.
Before I begin, I have advised clients to participate in the short side of the market already, but I only advise clients to do that near market highs. I will soon stop allowing them to initiate new longer-term short positions. We do not chase the market; instead we short near relative highs and then wait for the market to capitulate. If the market continues to pull back we will be too far away from the high for me to authorize new longer-term short positions, and therefore we will be in our waiting mode.
Today's article focuses on three stocks that have been very important to investors recently. They are Apple, Inc. (AAPL), Facebook (FB), and Research In Motion (RIMM). The summaries below are technical and are derived from our real-time trading reports for these specific companies.
AAPL: When Apple broke below $640, a material reversal signal surfaced and it told us that the stock could fall to $520 in a relatively short time frame.