When the leaders start to roll over the rest of the market isn’t far behind. As you’ll see the bulk of these names have that same structure as the market indexes.
AAPL — Apple Computer
Just a few points away from forming a bearish double top.
Same as AAPL.
GOOG — Google
At trend channel resistance. Buy at trend channel support, sell at trend channel resistance.
GS — Goldman Sachs
Gosh the master of the free money universe is starting to look as though it’s lost some luster.
MELI — Mercado Libre
At trend channel resistance.
ESRX — Express Scripts
At trend channel resistance.
FCX — Freeport McMoran
Double top on negative divergence. What’s this say about Gold? Short term it too is overbought stohcastically speaking.
FTI — FMC Technologies
Double Top on negative divergence.
PBR — Petrobras
NE — Nobel Drilling
NOV — National Oilwell
APA — Apache
VMW — VMware
Notice the potential head and shoulders forming?
As you can see everyone of them are showing negatives vs. positives. Not one of these names can be bought on the longside right here based upon what we see. This too ought to tell you something about the market.
The bulk of them either have a Double Top on negative divergence, are at trend channel resistance on negative divergence, orhave been staging bearish flags with 1st lower highs potentially intact.
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