Now that we’re in an honest-to-God bear market………….thank the maker…….I am obsessing over charts even more than I normally do (which is saying a lot). I’ve noticed that the most interesting charts are those which are breaking down in stages. That is, they will be locked into a range-bound period of consolidation, and then some “shock event” will lurch them down to a new, lower range, and they’ll stay locked there. It makes for good use of horizontal lines. Apple is a good example:
Indeed, it makes me think that this bear market could be defined as one with “stages of rages”, instead of the old-fashioned name for a bear market which was……..let me think…….oh, yes: a slope of hope.
We are in a time when “normal” relationships are not working, and when any slight hint of misperformance is getting punished. So it is fascinating to see that AAPL’s normal quarterly price behavior pattern is still “working”, something I discussed here back in August.
AAPL’s share price has a pretty regular pattern which plays itself out over each calendar quarter. Apple Corp. releases its quarterly earnings report usually on the 1st day of the month, one month after the end of the calendar quarter, and so the next one is due out Nov. 1.