Everything Went the ‘Wrong’ Way

by Rick Ackerman

An interesting day, since nearly everything went the ‘wrong’ way: stocks, the Nasdaq 100 and even the lunatic sector were down while the dollar actually rose. Bullion got hit pretty hard, crude fell, and AAPL’s solid gains from earlier in the day were reversed. Could the foregoing herald a major tone change? It’s possible, although I have my doubts. In any event, I will stay closely focused on a $490 rally target in AAPL, since there is strong technical evidence to suggest it will be achieved. If so, look for Wednesday’s selloff to reverse and for recent trends, including the bullish one in bullion, to resume.

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