Cirrus Logic Falls on Apple

The market has held up quite well. Now we simply need a follow-through day. After a slight lull this morning, I was happy to see many of the names on my momentum list have follow-through to the upside this afternoon. It doesn't mean we are out of the woods yet, but I do think it means some individual momentum stocks can come back into play. The correlations are weakening and not every chart looks the same. This is what I want to see. Of course, we have the Fed announcement tomorrow, but I expect market optimism going into that event, so I would not be surprised to see the market slightly higher early in Wednesday's trading session.

Cirrus Logic (CRUS) is being punished today thanks to a company named after a red fruit that grows on trees and has the ticker (AAPL). Looking at the chart, every time we've seen the CCI dip to these extreme levels, the stock has snapped back within a few days. Unfortunately, this one isn't a no-brainer as we are looking at earnings tonight. Still, if CRUS even sniffs good news, we could see a quick pop....154 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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