Apple Adding Some Sweetness to the Dow

But will all that sweetness cause Dow diabetes?

The timing of AAPL being added to the Dow Jones Industrial Average, replacing AT&T, sure does smack of something you are more likely to see in the late innings of a bull market rather than in a bear market or in the "wall of worry" phase of a young-to-middle-aged bull.

On a standalone basis, the AAPL 30-minute chart we have profiling sees price gapping up this morning on the news, only to settle into a large falling channel.

As we have discussed before, chart patterns can and often do morph. In this case, some weakness in AAPL this week after a monstrous uptrend has seen the pattern morph from a broken triangle into this falling channel. 

$128.30 and $130.30 are some levels of resistance above, still, with $126.60 being the likely support needing to hold below. 

UPDATE: I went short FB at $80.19 with a cover-stop over $83, a contrarian play and looking to swing it. Blog post to come.