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Yellow Flag Out after Trend Failures in AAPL, S&Ps

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The S&Ps and Apple shares fell slightly shy of their respective Hidden Pivot rally targets on Thursday, so I am unfurling the yellow flag.  Without offering any specific projections, Apple showed weak revenue growth and sees at least a couple of tough quarters ahead. Under the circumstances, I would advise particular caution if the broad averages rally on Friday without exceeding Thursday’s highs. With just a little good news on the pandemic front, that could be sufficient enticement for traders to take long positions over the weekend. Whatever the news, nothing will have changed the grim outlook for the economy for the foreseeable future. A new wrinkle is that overly generous unemployment checks are making it hard for businesses trying to reopen to hire help. A Portland operator/owner of 20 restaurants hires cooks for $15/hour, but the ones it laid off are collecting the equivalent of $25 an hour for not working.

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