Looking for the Bottom

The metals story is definitely out there -- consistent selling overnight, fear of tapering, fear of a lock in the Chinese banking system, no inflation, momentum and so on. The action is still there, although it clearly favors the bears. I'm not sure how many gold bugs are left. I have been keeping an eye on the silver futures. They are tempting above $19, although $18.90 could trigger a rally. Until then, they are about as valuable as the dirt surrounding a silver mine. Above $19 and the chart triggers an inverse head-and-shoulders pattern, which targets Tuesday's closing price. An unchanged day would be a huge win for the bulls and briefly stall the momentum train. Again, this feels very unlikely given the overall action in the preceding days.

iShares Silver Trust (SLV) Source: Investing.com View Chart » View in New Window »

Apple (AAPL) is another name where folks are looking for a bottom. Last night, it looked like AAPL might be ready to signal a short-term buy this week if it can get some momentum. For the very short-term swings, I like to use the 30-minute chart, then plot the 5-day and 13-day simple moving averages on one, along with the 8-day and 21-day simple moving averages on the other. On a long, I am looking for the 5-day to cross over the 13-day SMA, but that is not all. I want to see a rising stochastics to get long. I will only get long if the stochastics is rising and go short when it is falling. Although we are close to the bullish crossover on the AAPL 5/13 chart, the rising stochastics isn't yet....166 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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