Shining the apple, tarnishing the gold

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http://stockcharts.com/h-sc/ui?s=AAPL&p=D&yr=0&mn=9&dy=0&id=p56283038138&a=256938322

In July we noted that Apple had formed a double bottom and was buyable.  Today Apple is breaking out with a serious power bar.  Looks like the Apple game is back on.   There are at least two valuable lessons here:  Buying in July would already have reaped  a profit; and waiting for this breakout might have been more conservative, because there is a great deal of certainty now.

On the other hand, gold….

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http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p79177025382&a=255869372

Gold is nose up against resistance and we see buying here as a chancy proposition.  As an indication of how far gold has to go you can look at the uppermost trendline.  There is no significant bottom pattern here.  We won’t be buying it.

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