Apple really tried hard to stay above $100, but nah, it fell short. I figured this was going to be the resistance area, as many of the best technical traders in the world were talking about this. A typical froth up involves a three-day pattern of buying before a continuation of the down trend, assuming the down trend formation holds. So, guess where we are? Yep. The third day. Source: Freestockcharts It seems like we can’t hold onto $100, and while I’m not really reliant on technical analysis, I do keep a basic idea on how the charts look. And investors who failed to get out of their position might witness another wave of selling, as investment managers tend to liquidate out of positions slowly to limit market pricing distortions. So, try to think of this like the Panama Canal. The ships are big, and they’re looking to pass through a narrow entryway, so they move in and out in a single file formation. The best growth oriented managers probably made it out, and the really talented value managers are still hanging back until they can find a better level. Since many mangers liquidate out of blocks over the course of 2 to 8 weeks selling and buying is more gradual. People refer to the aggregated stats, but in reality, it’s the large lot transactions that become more interesting to watch. And right now, there isn’t a whole lot of conviction behind this snap back rally. If bargain hunting fund managers were going to buy aggressively, the volume should have been significantly higher than the 50-day MA. Instead, it’s a retail fueled rally. I'm not going to lie, the StockTwits feed was entertaining to watch this morning as I saw thousands of people talking about $105, $120, $130. Not gonna lie, I'm going to grab some popcorn to see how the StockTwits AAPL bulls react tomorrow. We won't see ourselves back above $100 for quite a while longer folks. I continue to reiterate a sell rating, and $88.71 price target.