MLR - PMP 9/10/14
Major averages fell yesterday on higher volume. The NASDAQ Composite notched another distribution day partly due to AAPL which had its highest volume down day since January. While Apple (AAPL) remains in an uptrend, perhaps the announcement of its product line was overall a disappointment to investors. The mobile space becomes increasingly competitive against Android which is open source, so since iPhones are not open source, they may continue to lose ground. AAPL also announced their Apple Watch but it remains to be seen how useful such a device will be against open source Android which could also come up with an equivalent device.
The market could come off 1-2% or more from here, as leading stocks start to take it on the chin. Keeping stops tight and taking profits when you have them in context with the overall chart of the stock remains a viable strategy in this environment.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.