Right down to $166 at the open. That was a lovely well co-ordinated raid!

$165 should be strong support if this doesn’t get bought, but below that there’s nothing until around 162.

Bears short from $140 and who were $30 in the red yesterday can now say they’re up $3! Something for them to write home about - they’re only down $27 now Note to bears: blink and you’ll miss it, grab the porridge while you can because pretty soon its going to be too hot to handle again

Note: yesterday’s intraday downtrend is now in full effect again - no coincidence. Traders control the stock as of the open and are walking it down. If the stock can’t break over it by lunchtime then by about 1pm US ET we will see a collapse from the $165 area and a sell-off prior to the close. At least we’ll avoid more “downgrades on valuation” prior to earnings that way

I was stopped out of a PM trade,  but I am now back in at 166.21. I have a stop set about 30c lower, but I see room for a big bounce if the bears can’t break $166 by 11am US ET.

Good risk/reward set-up IMO.

[quote author=“Tommo_UK”]I was stopped out of a PM trade,  but I am now back in at 166.21. I have a stop set about 30c lower, but I see room for a big bounce if the bears can’t break $166 by 11am US ET.

Good risk/reward set-up IMO.

Watch out - here comes the next selling wave

[quote author=“Plato”][quote author=“Tommo_UK”]I was stopped out of a PM trade,  but I am now back in at 166.21. I have a stop set about 30c lower, but I see room for a big bounce if the bears can’t break $166 by 11am US ET.

Watch out - here comes the next selling wave

Yep, the weasels on meth are trading themselves senseless.

Interestingly, “old tech” (CSCO, MSFT, HPQ) is getting a good bid today, and SNDK is a strong performer after a disastrous week thus far. You get the impression the Street is devoid of ideas, can’t accept that this is anything more than a dead cat bounce (because they missed most of the run from the August lows) and is just throwing money at things and booking profits to see what sticks in the desperate hope of getting something to work.

In other words, sell winners to book profits, buy losers because they still look cheap.

There’s a losing strategy if ever I saw one, but see it I do, and it smacks of rampant indecision, which IMO could easily lead to a further bull run for the next few weeks through earnings if the bears can’t make their shorts work soon.

[quote author=“Tommo_UK”]Yep, the weasels on meth are trading themselves senseless.

Interestingly, “old tech” (CSCO, MSFT, HPQ) is getting a good bid today, and SNDK is a strong performer after a disastrous week thus far. You get the impression the Street is devoid of ideas, can’t accept that this is anything more than a dead cat bounce (because they missed most of the run from the August lows) and is just throwing money at things and booking profits to see what sticks in the desperate hope of getting something to work.

In other words, sell winners to book profits, buy losers because they still look cheap.

There’s a losing strategy if ever I saw one, but see it I do, and it smacks of rampant indecision, which IMO could easily lead to a further bull run for the next few weeks through earnings if the bears can’t make their shorts work soon.

And as you correctly realized last week I also think that Apple has a long way to go up b/c of their earnings and future market position , and come next earnings report I assume stronlgy that Apple will beat easily, ergo the P/E will be much lower.

But all that doesn’t count right now since they only thing traders see is that Apple has risen $30 (140 - 170) from around 9/21, so time to take some profits.

Long terms, no worries! 

Am. Bulls:  “Sell If..”

[...the market opens with a downward gap, signaling a bearish sentiment in the first case. Your benchmark will be the opening price. If the prices stay below the benchmark, sell your shares. Any black candlestick with a downward gap is a valid bearish confirmation criterion.]

computer trading in action…

I got out at 166.09 A little risky, but I think worth it at the moment

The profit taking is finally here.  Days like this can end very badly given from past experience.

Volume is low and aapl is weak along with the markets.  Not a good sign.

I get the feeling a huge contingent of momentum traders bought AAPL and RIMM together last week and are now selling both indiscriminately. I actually know this is happening for a fact - I know people trading these who don’t even know what an iPhone is (seriously!) and are just buying the trade because all their buddies are.

AAPL needs to detach itself from RIMM’s gravity field now that its over $160 and start making its own way on its own fundamentals. Not sure it can happen yet - not enough believers in the iPhone story - but it will happen. In the meantime, I"m totally and completely unfazed by this , and unless the stock breaks under $162 I just view this as part of the ebbing and flowing that’s to be expected during a strong uptrend. After all, we’re just 2% off an all time high

Frankly, I think we end the week higher.

[quote author=“Tommo_UK”]

Frankly, I think we end the week higher.

I would agree with you, but there is something in the back of my mind that worries me.

We are now 16 days from Leopard, with no official announcement or fan faire, and no Golden Master.  In the past we saw a lot more news from Cupertino by this point.  I am still reading about serious bugs in the last builds released to developers.  This is supposed to be a huge upgrade, but there is little promotion from Apple so close to release.  I think it can add as much as an additional 750K Macs to 1st quarter.

It may not be much if we get delayed by 30 days or so, but the stock will suffer if there is a delay.

[quote author=“Tommo_UK”] I see room for a big bounce if the bears can’t break $166 by 11am US ET.

The fight’s still on for this.

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

Frankly, I think we end the week higher.

I would agree with you, but there is something in the back of my mind that worries me.

We are now 16 days from Leopard, with no official announcement or fan faire, and no Golden Master.  In the past we saw a lot more news from Cupertino by this point.  I am still reading about serious bugs in the last builds released to developers.  This is supposed to be a huge upgrade, but there is little promotion from Apple so close to release.  I think it can add as much as an additional 750K Macs to 1st quarter.

It may not be much if we get delayed by 30 days or so, but the stock will suffer if there is a delay.

Mac Daily News reported yesterday that the Gold Master was complete.

[quote author=“omacvi”]I got out at 166.09 A little risky, but I think worth it at the moment

The profit taking is finally here.  Days like this can end very badly given from past experience.

Volume is low and aapl is weak along with the markets.  Not a good sign.

I added more at 166.23! 

[quote author=“Tommo_UK”][quote author=“Tommo_UK”] I see room for a big bounce if the bears can’t break $166 by 11am US ET.

The fight’s still on for this.

Yes and the GRILL is ready!   

[quote author=“muckraker”]

Mac Daily News reported yesterday that the Gold Master was complete.

I had already ready that story.  Appleinsider reported that the last build COULD BE Considered Golden Master.  I don’t recall in the past hearing such wording for the most important and last build.

I hope I am wrong, but I want some big news out of Apple soon.

[quote author=“aaplcat”][quote author=“omacvi”]I got out at 166.09 A little risky, but I think worth it at the moment

The profit taking is finally here.  Days like this can end very badly given from past experience.

Volume is low and aapl is weak along with the markets.  Not a good sign.

I added more at 166.23! 

I did buy a few shares at 166.39