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After rising to an angle of ascent that was simply unsustainable, Apple Computer, Inc. all of a sudden has an ugly chart. The catalyst du jour is that one of their important executives (they have executives besides iSkinandBones?) is rumored to be going to $HPQ. To repeat one of my core trading tenets, I believe that the aforementioned rumor was much more of an excuse than a catalyst for today’s ugly candle. The stock was simply too extended in the short term to buy up here.
Looking at an updated $AAPL daily chart, you can see that it seems as though Apple had its own flash crash today. The stock may very well recover and rise in a straight line above $300, but there is no way I will go along for the ride with a chart like this. Regardless, the lights have just been turned on, and the hot girl you saw at the bar all night does not look quite the same anymore.
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The Government is working diligently on repairing that chart. Please bear with them, as they go long futures.
Taking off your bear goggles, Fly?
No way Dems let this market fall with elections coming up!
But what about a VXX HALLOWEEN?
listen the gov can manipulate our markets but Europe is not so easy.. you’ll know what I mean shortly
Bought some FEED and THQI.
Sold my DSX and OVTI.
Nice post chess, I see 112.50-115 digestion period here for a bit, maybe as low as 111.46 gap fill. Not liking the 2 flash crashes on AAPL today, Unloaded most longs today. Kicking back with a bowl of popcorn and watching the show. I’m short AAPL 287.15 If she flashes again and does not recover I’ll take some home.
Great stuff Goat. I agree.
Chess,
Just bought 1/2 position in GNK @ 16.01. Where’s your exit on this one?
Thanks!
You know the drill with me, Hawaii. 7.5& trailing stop unless otherwise noted.
Sorry I asked the wrong question. My stops in place, I meant the exit target. How much are you trying to get out of this one?
no prob–looking for $18 if broad market cooperatives