On Nov 24th, in this video at minute 2:14 I stated that “my upside target on Apple is $590″. Apple closed that day at $571. You can see by the shaded area on the chart that we barely ever traded above that level and we never closed above it. If you’re a regular reader to zentrader and you didn’t sell your shares there I don’t know what else I could have done to help you protect your profits.
I’m not sure what voodoo the powers that be conjured today to keep the Dow in positive territory…but when I look at this chart and know the effect it has on the Nasdaq in terms of market cap, all I see is a market that is in a lot of danger. The sort of swings that we saw today on the general markets is not good and it could be a sign of a unstable market. Bad things come out of these sort of states.