Chart of the Day: Consolidation in AAPL

One of the reasons we watch and study market leaders is that they can sometimes provide clues to market direction. Yes, they often get harder than the broad market at turns (which is why you must trade them—you cannot “buy and hold” them), but leaders which are able to resume leadership after consolidation are worth watching. AAPL looks set to resume leadership as it consolidates above the April highs. Pay attention.

AdamHGrimes

Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.