6,325. Who'd have thought THAT was going to be where the Nasdaq finally had enough? Actually, the Nasdaq (QQQ) did hit 6,350 on Nov 8th but, before that and since that, it's been getting stuck at 6,325. 6,345 would make more sense, as that's our 17.5% line on the Big Chart off our base of 5,400 we consolidated at last Spring. The initial run topped out at 5,800, which was up 7.5%, so another 10% run since then with a pause at 6,000 makes 6,300 the 5% Rule™ and watch that line because, below that, there's really no suport until 6,000. Apple (AAPL) of course often distorts moves in the Nasdaq as that one stock is over 15% of the index and AAPL has ramped up 10% in two weeks which, by itself, adds 1.5% (94.5 points) to the Nasdaq. So, without AAPL's strong support, the Nasdaq would already be on the way down and, of course, what Apple giveth, Apple can taketh away – so watch out for any negative signs on that stock. AAPL busted out of its channel and, deservedly so, as they made more money than the entire Automotive Industry combined. Or Airlines or Retail, for that matter. Apple may be part of the Retail Sector but they are nothing like a retailer with their 35% sales margins, constant crowds and absolutely no discounting. Make your own high-quality stuff, offer great service and people will come is something 1,000 other retailers can't seem to figure out. IN PROGRESS
6,325.
Who'd have thought THAT was going to be where the Nasdaq finally had enough? Actually, the Nasdaq (QQQ) did hit 6,350 on Nov 8th but, before that and since that, it's been getting stuck at 6,325. 6,345 would make more sense, as that's our 17.5% line on the Big Chart off our base of 5,400 we consolidated at last Spring.
The initial run topped out at 5,800, which was up 7.5%, so another 10% run since then with a pause at 6,000 makes 6,300 the 5% Rule™ and watch that line because, below that, there's really no suport until 6,000.
Apple (AAPL) of course often distorts moves in the Nasdaq as that one stock is over 15% of the index and AAPL has ramped up 10% in two weeks which, by itself, adds 1.5% (94.5 points) to the Nasdaq. So, without AAPL's strong support, the Nasdaq would already be on the way down and, of course, what Apple giveth, Apple can taketh away – so watch out for any negative signs on that stock.
AAPL busted out of its channel and, deservedly so, as they made more money than the entire Automotive Industry combined. Or Airlines or Retail, for that matter. Apple may be part of the Retail Sector but they are nothing like a retailer with their 35% sales margins, constant crowds and absolutely no discounting. Make your own high-quality stuff, offer great service and people will come is something 1,000 other retailers can't seem to figure out.
IN PROGRESS
