Sam Weiss

The big feature today is Apple’s stock which has reached oversold conditions on the daily chart thanks to analyst comments. Why the stock is both a trading and investment opportunity.

Another big gap today indicates the market is likely to pull back to fill both gaps. We have two large back-to-back gaps now without strong intraday follow through. Chances are they get filled within the next week or so.

While near-term the action is starting to indicate another leg lower may be on the horizon, chances are whatever leg down we have ahead of us will be the last bit of selling before a major multi-month rally begin.

Market has begun an up cycle/rebound. However, some signs point to this just being a short-term bounce for now. If the buying interest picks up, that could change. At the moment, the rebound looks a little weak and likely to lead into more selling down the line.

A discussion in to the Targaryen Trade Strategy within this current market correction.

The QQQ reached mildly oversold conditions yesterday as did a wide range of large cap tech stocks. Today’s rebound is an oversold bounce. Any further than $512 on the QQQ increases the chances of a bottom in the market.