I’ll Take It
2022.10.28 21:57
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Well, I’d say I got it pretty right. Both here, and on tastytrade, I said that Apple (NASDAQ:) was an inscrutable bore and that Amazon (NASDAQ:) had a chance for a tumble. We got ’em both. And, of course, this was a widely-anticipated event.
Amazon, bless ’em, is getting absolutely whacked, as Jeff Bezos’ endless mid-life crisis continues to consume all his attention with the opportunistic Ms. Sanchez. Suffice it to say that AMZN shareholders are livid at this train wreck.
Apple (NASDAQ:), on the other hand, maintains its reputation as a Passbook Savings Account, in that it’s boring as hell. As I am typing this, it is down literally pennies. It’s just……….sitting there.
For a few moments, it looked like there would be a hearty one-punch punch. First was AMZN (which zapped the , as shown below, in that red rectangle) and then, briefly, AAPL (magenta rectangle). It shook off that second loss and regained about 100 points on the NQ right quick.
The good news……..if this plunge sticks!………..is that the has broken its Fibonacci retracement again. That could make for the first good day for the bears in what feels like about a decade.
This is a crucial moment, though. I called for a rise to 3900, which got literally 99.93% of the target (see red arrow), but what we must do is break the intermediate-term uptrend, whose support I’ve emphasized with those green circles. If we shake off AMZN and actually rise today, I’m just going to go ahead and thrust knitting needles into any available orifice.
So, in sum, it’s kind of a mixed bag. It isn’t a bull bonanza, thank God, but it isn’t a wipeout either. Any surviving bears out there can at least tip their hats toward AMZN in gratitude.
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