As you can see in the shortest term (top) we reached an oversold status and bounced. Hard to believe isn't it? However, beneath the surface things were weakening for a while before the first red day in a while on Friday. All the rest remain elevated. The 3 over 8 slowed its descent today, but I will highlight that later.
See the black box on the left. that is the first Greek bailout causing a sudden spike in the hold long medium term. As you can see, we had already had weakness before it so a bounce was easier. This time all we got was a slowing of the descent of the HL-MT.
This shows the huge bounce in the short term after the first Greek bailout was passed. I was short up until the Friday before it, covered half, and felt huge pain on the Monday, but it turned out all ok a few days later. This time we just got a slow of the descent, but a possibility of a bounce for a few days as vapors might continue to push this thing up. We will see.
The white line still hasn't crossed the orange (if you zoom in you might be able to see there are two lines) and we had an up day on the index today. TSV and RSI. are both extremely overbought in the longest term. So, even if we don't get the exact direction over the next few days, the path of least resistance has to be down for the longer term.
AAPL has hit the target I pointed out last week on news that they will infect the rest of the Milky Way with their iDevices. I highlighted some sections where TSV got ahead of itself. It always signified a slowing in the shorter term, but obviously has not done much damage to the long term. Who knows where this beast will stop.
What is up the Republicans' sleeve? Trying to get Ron Paul to peak at the right time?