[quote author=“wheeles”]There may be no real news behind this dump, but it did just inject a large does of fear back into the market. Many will sit and wait to see whether the selling continues tomorrow.

Yes, but that means they’re waiting to buy and not trying to sell.

When everyone is waiting to see if the selling continues, it doesn’t. It dries up, because “they” start to buy the dips in the absence of downside momentum, and suddenly everyone else has to too.

That’s my take anyway. I’m staying firmly bullish. Ьber-bullish, in fact. Flagrantly, irresponsibly, and stupidly naively bullish.

Closed down 2.7%. Big deal.

Just had my stock order rejected (after the close) . . . we’ll see how the hand of time deals with me.  More often than not, getting timed out has been good for me.

At least RIMM is down more.

It’s funny, when i was out getting something to eat, I saw RIMM go by on the ticker down 5 dollars and change.  I thought wow, Apple up 5 RIMM down 5, about time.

It was only when I got back that I learned of the whipsaw.

[quote author=“Tommo_UK”][quote author=“wheeles”]There may be no real news behind this dump, but it did just inject a large does of fear back into the market. Many will sit and wait to see whether the selling continues tomorrow.

Yes, but that means they’re waiting to buy and not trying to sell.

When everyone is waiting to see if the selling continues, it doesn’t. It dries up, because “they” start to buy the dips in the absence of downside momentum, and suddenly everyone else has to too.

That’s my take anyway. I’m staying firmly bullish. Ьber-bullish, in fact. Flagrantly, irresponsibly, and stupidly naively bullish.

I’m with you as far as bullishness goes. I’ll be a buyer tomorrow provided we don’t get one almighty s**tstorm and things look relatively steady.

It’s funny, when i was out getting something to eat, I saw RIMM go by on the ticker down 5 dollars and change.  I thought wow, Apple up 5 RIMM down 5, about time.

It was only when I got back that I learned of the whipsaw.

I was out for about 90 minutes (actually playing ultimate ) and missed it as well. Fortunately I had stops on most everything which protected my profits/limited losses.
After all was said and done, still positive for the day.

BTW, bought some Nov 165 and 170 calls into the close.

Posted: Wed Oct 10, 2007 10:26 am —

AAPL is quite overbought as we approach earnings. As has been pointed out here by others, we are at upper Bollinger. Also on the daily chart the fast Stochastic has just turned down after a couple of weeks in the nineties. The slow might follow soon. The last two times this has happened it has meant a pull back of 12+ points.

Good call capa.

[quote author=“IIe programmer”]

Posted: Wed Oct 10, 2007 10:26 am —

AAPL is quite overbought as we approach earnings. As has been pointed out here by others, we are at upper Bollinger. Also on the daily chart the fast Stochastic has just turned down after a couple of weeks in the nineties. The slow might follow soon. The last two times this has happened it has meant a pull back of 12+ points.

Good call capa.

Right on the money, I’d say.

[quote author=“wheeles”][quote author=“IIe programmer”]

Posted: Wed Oct 10, 2007 10:26 am —

AAPL is quite overbought as we approach earnings. As has been pointed out here by others, we are at upper Bollinger. Also on the daily chart the fast Stochastic has just turned down after a couple of weeks in the nineties. The slow might follow soon. The last two times this has happened it has meant a pull back of 12+ points.

Good call capa.

Right on the money, I’d say.

I agree. But I am sure he didn’t mean a 12 point drop in less than 10 minutes! 

[quote author=“Plato”]

I agree. But I am sure he didn’t mean a 12 point drop in less than 10 minutes! 

Hey at least it is behind us.   Right? 

I am just amazed we had 57 million shares traded just because we went down less then 3%.  Is everyone who own aapl doing it just for swing trades and not long term?

I hope this will teach the market a lesson not to pull aapl up so fast and so high.

I want a slow steady rise, not like we have had the last 3 weeks.

[quote author=“omacvi”][quote author=“Plato”]

I agree. But I am sure he didn’t mean a 12 point drop in less than 10 minutes! 

Hey at least it is behind us.   Right? 

I am just amazed we had 57 million shares traded just because we went down less then 3%.  Is everyone who own aapl doing it just for swing trades and not long term?

I hope this will teach the market a lesson not to pull aapl up so fast and so high.

I want a slow steady rise, not like we have had the last 3 weeks.

I hope it’s behind us. The annoying part for me is that this morning I got stopped out of my call options that I shorted. So I got out with a loss and was happy and felt smart that I limited my loss, since the Jan08 call options went even further up.

But then came the afternoon and the rest is history. Man, could’ve should’ve would’ve   made a killing on my short.

calls buying

I’ve read that some ppl bought calls @ close. Please note that they where expensive.

Take jan 190 calls

was :

  stock price : $166.83 => call price $8

now :

  stock price : 162 => call price $8

If the stock remains the same tomorrow, the calls will go down with about 20%. Even if it rises .. the calls won’t rise along so much.

Only think that would make options go up as usual is that everyone takes current price as ‘right price’.

... should bought those $5 today… but is was OUT! AAAARGh! 

[quote author=“Plato”]I agree. But I am sure he didn’t mean a 12 point drop in less than 10 minutes! 

Too true. I don’t know whether you’ve been following the EW thread, but the prediction for a drop to around 156 any day now was made. Even though we were expecting it, the speed of the fall caught all of us out too.

I have been reading the after action reports here for the last hour or so.  A lot of us took a beating today; some took too much of a beating, and that is saddening.  I am among the losers, of course, since I now have a quintiple long postion in the stock.

But mine is a cash postiion.  I can afford to be philosophical.  It has been said before, but bears repeating.  Money management is an aboslutely essential skill to anyone on margin or trading options.  It is too easy to get wiped out even when you are right if you don’t employ money management.

Read Reminiscences of a Stock Operator by Jesse Livermore.  Use money management.  Let us all resolve to learn from this.