Wednesday, April 23, 2008

The AAPL of my eye


Coming off the recent GOOG debacle in conjunction with yesterday's selling pressure on AAPL I couldn`t help but take a long position before yesterday's close - so I got in at 160.80. My thinking was that everyone will be looking at AAPL today but thinking GOOG and that will give me a nice pop in the morning, but I should be thinking to close out at 10-10:15 - before sanity breaks out. Granted a more gutsy move would have been to stay in it till late in the day (but I have a rule about knowing my exit before I enter), but I closed out a little after 10 at 164.40. Good trade - I'm happy. Now...I'm absorbing the AAPL earnings and guidance and am thinking about that lovely gap down below that was created a couple of days ago. Its 3 points from the 50% fibo at 159.20 to the bottom of the gap at 156. We've got some market movers reporting before the bell - I like my chances of filling that gap and will be looking for a short entry first thing in the morning.

blog comments powered by Disqus