Over the past few weeks, the NASDAQ Composite did not correct more than 6% so the count for a follow through day was not reset. With volumes greater on both the NASDAQ Composite and S&P 500, and both indices up the required amount, today counts as a follow through day. With AAPL's disappointing earnings report, AAPL is in a basing process or may have even topped. In either case it would no longer be a market leader for at least the interim. Meanwhile, other stocks in technology, especially in the biotech space are acting well.
Knowing that the market is still in a slop and chop zone, position size accordingly.
TECL (S&P Technology Select)
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (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. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2018 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.