Taking On Apple:
In the exclusive company of trillion dollar market caps, two heavy hitters may be headed in different directions. Amazon was able to record its second straight WEEKLY CLOSE above the very round 2000 number, and Friday it demonstrated good relative strength rallying 29 points, stopping at the round 2100 number, while the Nasdaq dropped more than .5%. Of course one has to give credit for the Nasdaq jumping 4% this week, on the back of MSFT gaining 8% (the other trillion dollar market cap). AAPL sits just 2% off most recent all time highs, but is having to deal with a WEEKLY doji candle the week ending 1/31. There has been a lot of talk about ranges expanding, and rightfully so as this is often an accurate tell of potential trend reversals. But PRICE supersedes everything else, and if it can CLOSE above intraday highs of the candlestick patterns we discussed, the bullish thesis will be firmly back in place. After all the four tech monsters, AMZN AAPL MSFT and GOOGL are all within 1-2% off their most recent all time highs.