Apple pierced its June 21 high of 279.01 closing up almost 3 percent to a new all-time high.  The stock is up 18 percent in 19 trading days and the 14-day RSI is now above 77.  History dictates AAPL should consolidate around here for a few weeks.   After a similar 19 day  percent move in August ’09,  the stock traded in a 3.5 percent plus/minus monthly range before beginning its next leg higher.  Apple is the leader of the “new global economy” and THE BEST company in the world, in our opinion.  Keep it on your radar!

We wrote last night the extreme 10-day negative correlation between the S&P500 and Shanghai composite often signals a recoupling of the two indices.  Today the S&P broke through resistance, and then some, to close at a four month high.   We now need the Shanghai to confirm this move.  The index bounced off key support last night at 2572.