An Apple A Day:

Could the market’s gain be ready to bear more “fruit” in the form of the AAPL breakout, pun intended? (the stock below certainly has more of an impact on the benchmarks than CTLP (Cantaloupe) does, stab at humor). I always remember the quote, and I am not sure who said it, but it was “if it’s obvious, it’s obviously wrong.” Most likely every market participant is looking at the chart below and perhaps it is too visible. This has been a tough market to trade, but overall I am seeing positive signs, as breakouts are with more frequency occurring and holding firm. The old adage never short a dull market also comes into play, as the Nasdaq has not CLOSED up or down by more than 1% since 7/27. The breadth situation, which many declared to be a problem (to me it just made it more noticeable where the strength lied) is resolving itself. No question it will be a grind but my call for Nasdaq 16000 still exists from the bullish ascending triangle. Of course, it will have to get above the very round 15000 figure first.

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