Apple A Day Keeps The Bears Away?

The only $2T company on earth (MSFT is very close to being the second) is held in the vast majority of all funds and obviously is watched very closely. It is looking for its first 4-week winning streak of 2021, in fact prior to this current streak it did not advance in consecutive weeks. Many were concerned with not only its bearish engulfing candle Wednesday, but Thursday it did not bend, and actually rose. The Nasdaq recorded one as well at the very round 14000 number, which many are viewing as a possible double top. I myself am not bearish on tech, call me cautious as it is still just the 8th best major S&P sector performer on a YTD basis. Double that with the XLK rising by more than 50% in 2019, and 43% on 2020, and it would seem perfectly logical to expect at least a pause in technology. But then again we rarely get what we want in markets. Being around a long time I know “experience is a hard teacher. If gives the test first and the lesson after (Vernon Law)”. Not only AAPL but markets overall are giving lessons on a daily basis. Absorb the information, as you will be a better investor for it. 

This article requires a Chartsmarter membership. Please click here to join.