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I don’t normally watch CNBC. In fact, I don’t really watch network television at all anymore. This morning, however, I turned it on for a bit and was really drawn to the promos they’re running for the network right now. They’ve got one that focuses entirely on the Dow Jones Industrial Average making new, all-time highs. The whole spot is just the network’s talking heads cheerleading (in solemn and momentous fashion, of course) the new records being set daily. It’s fast-paced, exciting, thrilling even. And I just have one question in response: Do they still blush at being called “bubble vision”?

I know that CNBC’s ratings are probably closely correlated to the stock market. Stocks go up, investors are intrigued, they feel good about making money and want to watch their portfolio value go higher. Stocks crash, they feel bad about losing and change the channel. So it’s very much in CNBC’s interest to promote the good stock market performance of late. All in all, it just strikes me as touting and counts as another check in the “euphoric” column.

Another worrisome sign comes from Business Insider who recently saw fit to ridicule the bears. This is one of those indicators I love to see because once you start gloating in the investment game you’re usually about to have your ass handed to you. All the best traders and investors over the long-term are humble guys and gals. Those that aren’t are usually humbled by the markets and usually in short order. So when the bulls (or the bears, for that matter) stick their thumbs in their ears and chant, “nanny nanny boo boo,” I take keen notice.

As I’ve said before, though, I have a hard time reconciling this bearish market view with my bullish view on Apple. But I’d like to take another look at the stock’s daily chart:


It made a nice reversal today. After being down about 1.5% it reversed and closed about that much higher on a rumor the company might issue a special dividend. It will be interesting to see if it can break the downtrend line that is just above today’s closing price. The diverging MACD (below price) and RSI (above) along with the DeMark buy signals (13 on daily chart and 9 on weekly) suggest that it should be in the process of forming a bottom.

Disclosure: I own Apple for myself and for clients. This is not advice. My advice to you is to Turn Off Your Tube.