As a follow-up to my post regarding a short entry on AAPL as well as the broad markets, I went thru the charts of all 100 components of the leading index, the Nasdaq 100, in order to confirm that the majority of the stocks aligned the bearish technical posture that I’ve highlighted in the NDX/QQQ recently (which I believe they did). As I’ve already covered the largest holding of the leading index (AAPL/$NDX), in the video below I discuss the other 9 of the top 10 holdings, which collectively represent over half of the weighting of that index. Although the 90% of the bottom weighted stocks only contribute to less than half of the returns of this index, several of those chart patters stood out to me, most bearish, some bullish. I will try to highlight some of those as time permits during the week.
As always, these videos are best viewed in high-def quality (720p) and in the “Large Player” size (or full-screen on tablets or very small monitors). Those settings can be selected from the bottom right of the video window once the video is opened in YouTube. To view the Nasdaq 100 Top 10 Holdings Overview Video, click here.
On a related note, the AAPL short trade should receive a nice pop on the open tomorrow assuming Friday’s after-hours gains from the Samsung case ruling hold up, thereby providing a more favorable entry. In no way does that change my short call on AAPL but depending on how the stock opens and follows through tomorrow, I may make some adjustments to the stop parameters.