Let me start off by saying that I am extremely disapointed the way Apple traded today. Tech was weak all around today, but I was hoping Apple would hold better. I am still bullish on Apple as I believe it has bottomed. Also, Apple has the uncanny ability to create new in demand products, and fast. The buzz on the street is that Apple will be entering a new product into the market on April 17. At these low levels I may start nibbling on Apple.
Here is the 60 minute chart for SPY again. On Tuesday I discussed how $134 support would be tested and possibly fail. Yesterday this support did fail, but quickly recovered. Finally support was broken today, and appears it may be an area of resistance in the coming days. It is really disapointing but it appears as if this recently rally is just a short-term bull rally. Remember that stock prices are guilty until proven innocent. With the primary trend down, these short-term rallies usually get smothered.
Last Tuesday I posted SYBD's chart as I was watching it for a potential breakout above $.75. I purchased a ton of SYBD after the bullish breakout. Today we finally had that huge explosion I was looking for as SYBD popped nearly 17%. BOOYAHH to all you technical analysis haters out there.
Last but certainly not least, the beatin down solar companies are starting to rally. It started with the big solar names and now the little names are following suit. I have been nibbling on Evergreen Solar (ESLR) the last few days as it has had fairly predictable price action. Below is the 60 min. chart for First Solar (FSLR). This is the Goldman Sachs (GS) of the solars. Watch FSLR as most of the solars will follow suit.
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