Monday, April 22, 2013

Lines on Charts: Connect the '87 High, the 2002 Low and the 2007 Highs (and where's Tom DeMark been hiding?)

Add egg whites and where do you end up?
From Kimble Charting Solutions:

http://blog.kimblechartingsolutions.com/wp-content/uploads/2013/04/sp100funkypatternapr222.jpg

Only time will tell if this means anything but I will point out that technical analysis is not a science and that we haven't heard anything from one of the best, Tom DeMark, after a flurry of press exposure in the first quarter:

Jan. 16, Business Insider
TOM DEMARK: Apple's Stock Has Bottomed And Should Rally 22% From Here

Mar. 6, CNBC
Tom DeMark Picks Top in S&P 500

Mar. 19, Bloomberg:
DeMark Sees Shanghai Composite Resuming Rally After Drop
Chinese equities will rebound once it falls below 2,232 on March 20 or 21

Apple's stock closed at $506.09 on Jan. 16 and at $390.53 on Friday.

On March 6 the S&P was at 1,541.46. Mr. DeMark was calling for a 1567.40 top.
On April 11 the index closed at 1,593.37 after hitting 1,597.35.
That .40 in the target price was too cute by half.

Finally, here's the action in the Shanghai composite. Note Mar. 20:
Chart forSSE Composite Index (000001.SS)