By Jeff Pierce

Apple has certainly stopped the bleeding, but it has a lot of work to do if it wants to regain its leader states. The truth is it may never as many leaders never to come close to former glory but I expect Apple to give it a go. And the first step in that is finding a bottom and then overcoming the many points of resistance that lay in it’s path.

$480 is the first real test with the $500 level being a big level.

aapl

As far as the general markets go I felt going into this week could be an opportunity to buy on weakness, but with a gap up as severe as we’ve seen it really has me concerned that we’re not going to form some sort of short term top. I’m not chasing stocks here and will either wait for a pullback or more strength and then a pullback. We would need to see new highs on the Nasdaq and Dow to give me some confidence that this move is going to continue. Where we’re at now reeks of a tired market that needs more time to consolidate.

 

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