Well, that really stunk. A new battery that was on backorder for my Apple laptop came in during the week and I had to turn in my laptop for a couple of days to have them install the new battery. The out-of-stock battery was not supposed to be here until April due to supply constraints; and because of that long delay Apple was going to install the new battery free of charge.
I dropped off the laptop Wednesday last week, the day of Facebook's earnings. They had a quick turnaround though as I was able to pick it up Friday evening. They did not charge me even though there was no constraint on the battery supply as Apple had anticipated. That gracious event saved me $200 plus taxes on a new battery. Thank you Apple! They must know I usually write a lot of positive articles about the company and its stock (well, maybe not as so much lately).
So while Apple's customer service may be "hot", their chart sure isn't. After reaching a high of $180ish it appears to have started a consolidation. I will save individual charts for later updates. This update will try to take a look at a few different sectors to see what may be not and what will probably be not over the next couple of months.
If you missed it, I posted a NASDAQ chart last week in the Idea Chamber that suggested a correction could start at any point since the minimum requirements for the uptrend had been met. I think the next few months could very well be a period of "sector rotation" as they say in the financial news. A period of sector rotation involves selling stocks that have performed well over a given time period and then using those proceeds to reinvest in underperforming sectors over that same time period. A sector rotation is definitely preferred instead of a bearish correction of more than 15%.
So let's look at the charts for a couple of major industries and sectors and see what may be in store for our portfolios....
This first chart is taking a look at the financial sector including banks. It is a chart of the Financial Select Sector SPDR ETF, ticker symbol XLF. It is a 3 year weekly candlestick chart for the sector.
The Bearish Engulfing candlestick pattern was confirmed by selling volume that was greater than the previous week's volume, a sign that points to confirm at least a short-term consolidation period. However, this consolidation period should be viewed as an opportunity to …...
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I review and discuss the long-term charts for gold and the NASDAQ Composite in the rest of this update.
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Be a little patient with any gold plays, the daily charts still do not look the best and show a little more weakness ahead