Apple Earnings In Focus:

As of this writing late Tuesday evening the stock is still higher in the after hours. This name has been a stalwart for the technology space, and it has not come into contact with its rising 50 day SMA in five months now. Of course stating the obvious it is the largest component in the Nasdaq, and its reach influences far and wide. It has carried the suppliers on its back, with prominent names like SWKS QRVO and CRUS all up between 31-44% over the last 3 months. This week is lower thus far, and if it held would be the first consecutive WEEKLY losses in almost 6 months. However if it could hang around these levels would create a powerful 3 week tight pattern, at all time highs. Before last weeks fractional loss of .1%, it gained 16 of the prior 17 weeks, with 15 of the 16 advancers CLOSING at the top of the weekly range. It sits just 2% off most recent all time highs, and I think there are better trades out there, but one must keep a laser focus on its PRICE action given the consequences it could create for the overall markets.

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