{"id":215,"date":"2008-11-20T23:12:23","date_gmt":"2008-11-21T03:12:23","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=215"},"modified":"2008-11-21T09:08:49","modified_gmt":"2008-11-21T13:08:49","slug":"the-best-stocks-need-to-get-killed-first","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-best-stocks-need-to-get-killed-first","title":{"rendered":"The Best Stocks Need to get Killed First…"},"content":{"rendered":"

Market leaders are the last stocks to bottom.\u00a0 They have the strongest fundamentals and don’t breakdown until the pressure to get out of the market becomes so great that even they will be sold.\u00a0 One such market leader is AAPL.\u00a0 We talked about AAPL in today’s AM Meeting.\u00a0 I remarked that we should pay close attention to AAPL’s price action to help us determine the level of fear in the market.<\/p>\n

AAPL was weak today but wasn’t as weak as the S&P 500\u00a0 overall.\u00a0 The financial\u00a0 stocks brought the market down today.\u00a0 They were sold viciously.\u00a0 Take a look at WFC, JPM, BAC and GE.\u00a0 That is what capitulation looks like (but they did catch a bid right at the end of the day).\u00a0 When AAPL is sold more viciously than the rest of the market it will be one of the signs of a market bottom.<\/p>\n

AAPL closed around $80 today.\u00a0 If it were to have another 10% down move from these levels I will pay close attention.\u00a0 I will look for a reversal to the upside on heavy volume.\u00a0 Now, this scenario may not happen.\u00a0 AAPL is already incredibly cheap (they have around $30 cash per share and are projected to earn around $6 per share in 2009).\u00a0 But as a trader I must constantly visualize potential trading scenarios.\u00a0 This will allow me to execute without emotion if the scenario occurs.<\/p>\n

I’ve attached a chart to give you an idea of where I think AAPL may bottom.\u00a0 The first support line i’ve drawn is around $72 and the second is around $65.\u00a0 Those are absurd prices for this stock.\u00a0 When it gets there we will most likely be at a bottom.\u00a0 At the rate we are going it will probably be in the next few days \ud83d\ude42<\/p>\n

AAPL Long Term Chart<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Market leaders are the last stocks to bottom.\u00a0 They have the strongest fundamentals and don’t breakdown until the pressure to get out of the market becomes so great that even they will be sold.\u00a0 One such market leader is AAPL.\u00a0 We talked about AAPL in today’s AM Meeting.\u00a0 I remarked that we should pay close attention to AAPL’s price action … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[187,168,167,18],"class_list":["post-215","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-apple-computer","tag-fear","tag-market-bottom","tag-smb-capital","no-post-thumbnail"],"yoast_head":"\nThe Best Stocks Need to get Killed First... | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/the-best-stocks-need-to-get-killed-first\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Best Stocks Need to get Killed First... | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Market leaders are the last stocks to bottom.\u00a0 They have the strongest fundamentals and don’t breakdown until the pressure to get out of the market becomes so great that even they will be sold.\u00a0 One such market leader is AAPL.\u00a0 We talked about AAPL in today’s AM Meeting.\u00a0 I remarked that we should pay close attention to AAPL’s price action ... 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