I'm not sure how you're feeling, but I am feeling a little uneasy about where the market is trading particularly this week. Please don't misunderstand what I'm saying, I am not saying that the market is going to crash this week, nor am I saying that it is going to soar to new highs. It just all seems a little surreal and that's what is making me feel uneasy.
As I have mentioned before, the Trade Triangles are indicating a trading range scenario for the major indices. Intermediate-term traders should be on sidelines at this time. All of the major indices are close to butting up against resistance which should slow and halt any further upside progress from here.
Apple is set to report earnings
After the close on Tuesday, Apple Inc. (NASDAQ:AAPL) reports its Q3 earnings. This could be a game changer for Apple and also for the market. Judging by the market action especially today, I think the report is going to be somewhat neutral to negative and show little or no growth for their iPad and iPhone business. The Trade Triangles are saying that you should be on the sidelines right now and that's where I intend to be. The only thing that would move me off the sidelines is if I see a move below $109.50 either today or tomorrow. If that happens, then I'll want to be short going into the report.
Maybe that's why I am feeling a little uncomfortable this week about the market. Continue reading "Is Apple Going To Upset The Apple Cart And The Market?"