We keep repeating the mantra that 'Something Has Changed.' Exactly what has changed, from a technical standpoint, is discussed below, as well as some reasons why we are quite certain now that the Fed will loosen, and soon. (Sayonara, US$!) Meanwhile, talk about ugly! Bearish as we were at the opening yesterday, the ferocity of the stock market's decline took us somewhat by surprise. We were looking for a minimum 13-point decline in the S&P futures and said so in a trading recommendation sent out the night before: 'On a weak close, the futures looked poised for a minimum 13-point fall to 1534.00, although further slippage to another Hidden Pivot support at 1531.75 would be implied if the higher number were to be breached by more than a couple of ticks.' Our intention was to bottom-fish at the lower target, but even after adjusting it downward to 1528.50 intraday, we still got socked for a small ($38) loss on a forced exit. (Click on chart to enlarge) We had warned of possible trouble in the shares of Apple as well, even though our longer-term outlook was bullish. Here's the actual Rick's Picks Tout that was sent out Monday night with the stock trading 143.70, just $1.50 below its recent all-time high: 'Word that iPhone is vulnerable to hackers seems not to have much slowed the pace of AAPL's ascent. For the record, our current minimum upside projection is to 153.41, a Hidden Pivot that comes from the monthly chart. However, the midpoint support associated with the target is down at 134.40 and, as always, a pullback to that number could occur at any time.' As indeed it did -- with a vengeance. Apple recorded a low of 134.15 on Tuesday, leaving us a tad less eager to buy aggressively at
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