The most actively traded range in Apple (AAPL) dating back to Jan. 7 is approximately $94 to $97.15. The stock traded well on Tuesday, and continued buying above that $97.15 could quickly translate into a strong trend toward $101-$101.50 (swing high from Jan. 22 and Jan. 25). For the first time in ages, I believe AAPL has found a path to becoming an outperformer.
Facebook (FB) was left out of Tuesday's bullish ramp, but I wouldn't give up on it too quickly. Those trading over a multi-day timeframe may want to set an alert for the $97.5-$98.5 area. Buying the dip toward last week's lows, with a stop on close under the 200-day simple moving average (SMA) would seem to make a ton of sense.
(Apple and Facebook are holdings in Action Alerts PLUS.)
A reader asked for chart and opinion on Deere (DE), so let's take a quick look.
The stock poked its head above a multi-month downtrend line Tuesday, but I'm afraid bulls will need more than that to get this name moving. Given that the stock has yet to put in a new major swing high, my preference would be to allow it to rally further, perhaps toward the horizontal red dotted line I drew in, then consider picking up shares once it backtests the uptrend line (drawn in red).
Alternatively, one could always consider getting long (once a new swing high has been established above the low-$80s) as the shares trade back down to backtest the downtrend line (in purple that it just broke above).
Any trading or volume profile-related questions can be posted in the comments section below, emailed to me at firstname.lastname@example.org or posted to my twitter feed @ByrneRWS