AAPL Intraday Updates (Archive)

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    Posted: 08 April 2009 12:56 PM #16

    ConMan - 08 April 2009 02:02 PM

    We’re minutes away from the SEC’s decision on reinstating the uptick rule.

    From Marketwatch, the wheels are turning:

    WASHINGTON (MarketWatch) - Under pressure from lawmakers and financial institutions, the Securities and Exchange Commission on Wednesday approved the release of five different proposals for reinstating the uptick rule, a provision that would limit short selling.
    The five SEC proposals, which will be put out for a 60-day public comment period, were approved unanimously by the five-member panel. The proposals vary from reinstating the old rule to creating a new rule that would only apply in severe market conditions.

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    Posted: 08 April 2009 01:36 PM #17

    So far a pretty directionless day for AAPL. Pattern is corrective on low volume, but will it rise or fall next?

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    Posted: 08 April 2009 01:54 PM #18

    cramar - 08 April 2009 04:36 PM

    So far a pretty directionless day for AAPL. Pattern is corrective on low volume, but will it rise or fall next?

    With VIX continuing to fall, 39.25 as I type, I’m reluctant to bet on down for AAPL.

         
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    Posted: 08 April 2009 02:22 PM #19

    incorrigible - 08 April 2009 03:56 PM
    ConMan - 08 April 2009 02:02 PM

    We’re minutes away from the SEC’s decision on reinstating the uptick rule.

    From Marketwatch, the wheels are turning:

    WASHINGTON (MarketWatch) - Under pressure from lawmakers and financial institutions, the Securities and Exchange Commission on Wednesday approved the release of five different proposals for reinstating the uptick rule, a provision that would limit short selling.
    The five SEC proposals, which will be put out for a 60-day public comment period, were approved unanimously by the five-member panel. The proposals vary from reinstating the old rule to creating a new rule that would only apply in severe market conditions.

    SEC smoke and mirrors….. In the computer age, an up tick rule is too easy to get around. A hedge fund sells 100,000 shares driving down the stock price and his buddy buys back 1,000 shares a penny up, and they continue selling stock they don’t own driving it’s price down.  A pre-buy rule is required.  So you can only sell stock you actually own.

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    ldrhawke

    Never Underestimate the Power of Stupid People in Large Groups or of Hedge Funds that Naked Short Sell aapl

         
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    Posted: 08 April 2009 02:41 PM #20

    ldrhawke - 08 April 2009 05:22 PM
    incorrigible - 08 April 2009 03:56 PM
    ConMan - 08 April 2009 02:02 PM

    We’re minutes away from the SEC’s decision on reinstating the uptick rule.

    From Marketwatch, the wheels are turning:

    WASHINGTON (MarketWatch) - Under pressure from lawmakers and financial institutions, the Securities and Exchange Commission on Wednesday approved the release of five different proposals for reinstating the uptick rule, a provision that would limit short selling.
    The five SEC proposals, which will be put out for a 60-day public comment period, were approved unanimously by the five-member panel. The proposals vary from reinstating the old rule to creating a new rule that would only apply in severe market conditions.

    SEC smoke and mirrors….. In the computer age, an up tick rule is too easy to get around. A hedge fund sells 100,000 shares driving down the stock price and his buddy buys back 1,000 shares a penny up, and they continue selling stock they don’t own driving it’s price down.  A pre-buy rule is required.  So you can only sell stock you actually own.

    As I’ve mentioned before, especially on low volume days, shorting stocks, without pre-borrowing,  distorts the supply-demand curve since it creates a stock that does not exist.  Doing this “naked,” without ever borrowing the stock, can create a significant downward pressure on a stock.

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    Posted: 08 April 2009 03:02 PM #21

    FOMC minutes just came out. Standby…

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    “the market can stay irrational longer than you can stay solvent”
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    Posted: 08 April 2009 03:11 PM #22

    ldrhawke - 08 April 2009 05:22 PM
    incorrigible - 08 April 2009 03:56 PM
    ConMan - 08 April 2009 02:02 PM

    We’re minutes away from the SEC’s decision on reinstating the uptick rule.

    From Marketwatch, the wheels are turning:

    WASHINGTON (MarketWatch) - Under pressure from lawmakers and financial institutions, the Securities and Exchange Commission on Wednesday approved the release of five different proposals for reinstating the uptick rule, a provision that would limit short selling.
    The five SEC proposals, which will be put out for a 60-day public comment period, were approved unanimously by the five-member panel. The proposals vary from reinstating the old rule to creating a new rule that would only apply in severe market conditions.

    SEC smoke and mirrors….. In the computer age, an up tick rule is too easy to get around. A hedge fund sells 100,000 shares driving down the stock price and his buddy buys back 1,000 shares a penny up, and they continue selling stock they don’t own driving it’s price down.  A pre-buy rule is required.  So you can only sell stock you actually own.

    1/3rd of trading volume is done by people like myself. I do not have a way to jam down stocks. one several days 65% of banks stocks were sold sort, this would have been impossible with the uptick rule in place. This doesn’t mean that C shouldn’t have been valued at $0.97 a share but it does mean that it would have taken longer to get there and that the thousands of investors who were crushed and forced to sell under one dollar would have had an opportunity to get out earlier and without panic. The lack of an uptick rule sounded good in a bull market and even in an even market but in a bear market, its absence became a vehicle of bears to push down markets. I know this because I was one of the guys who saw what was happening and began shorting with impunity because bulls where getting steamrolled and America watched 1/2 of its wealth vanish.

    Near as I can tell, most traders are for an uptick rule and the people arguing against the uptick rule claiming that the sophisticated shorting programs that firms like Goldman Sachs use will not be affected, are money managers who tend to specialize in bearish positions. In other words the cons in the uptick rule discussion are talking their books and we’d carry the discussion further along if everybody realized that everybody is talking their books.

    By. The. Way. Did. Anybody. Else. Notice. That. When. SEC. Chairman. Shapiro. Speaks. It is. As. Though. She. Is. Reading. From. A. Cue. Card. As. Though. There. Is. A. Period. After. Every. Word?

    [ Edited: 08 April 2009 03:14 PM by Eric Landstrom ]

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    Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).

    For those who look, a flash allows one to see farther.

         
  • Posted: 09 April 2009 01:32 AM #23

    Thursday

    R4         122.53
      midpoint   121.42
    R3       120.32
      midpoint   119.21
    R2       118.11
      midpoint   117.66
    R1       117.21
      midpoint   116.56
    PP       115.90
      midpoint   115.45
    S1       115.00
      midpoint   114.35
    S2       113.69
      midpoint   112.58
    S3       111.48
      midpoint   110.37
    S4       109.27

         
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    Posted: 09 April 2009 08:52 AM #24

    Eric Landstrom - 08 April 2009 06:11 PM

    1/3rd of trading volume is done by people like myself. I do not have a way to jam down stocks. one several days 65% of banks stocks were sold sort, this would have been impossible with the uptick rule in place. This doesn’t mean that C shouldn’t have been valued at $0.97 a share but it does mean that it would have taken longer to get there and that the thousands of investors who were crushed and forced to sell under one dollar would have had an opportunity to get out earlier and without panic. The lack of an uptick rule sounded good in a bull market and even in an even market but in a bear market, its absence became a vehicle of bears to push down markets. I know this because I was one of the guys who saw what was happening and began shorting with impunity because bulls where getting steamrolled and America watched 1/2 of its wealth vanish.

    Near as I can tell, most traders are for an uptick rule and the people arguing against the uptick rule claiming that the sophisticated shorting programs that firms like Goldman Sachs use will not be affected, are money managers who tend to specialize in bearish positions. In other words the cons in the uptick rule discussion are talking their books and we’d carry the discussion further along if everybody realized that everybody is talking their books.

    Eric- I think this is just so silly (and you know I’m not talking my book - never have!).  There’s no effective way to short a stock into the ground if the company is sound because buyers step in as soon as there’s the slightest whiff of a bargain and end the downtick.  You couldn’t short Exxon to 15 no matter what you did.  However, the shorting of financials WAS and IS effective because they won’t let anyone look at their balance sheets (because they’re insolvent).  This is why the uptick rule won’t do a thing.  And while shorting a financial stock does make it more difficult for them to raise capital, it does not cut them off from capital once they turn to their investors, open their books and say, “See, we’re fine.”  They then get their cash and the stock lifts.  This is not what is happening because they are not fundamentally sound right now.

    [ Edited: 09 April 2009 08:55 AM by Mayor Quimby ]

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    The ends don’t justify the means…

         
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    Posted: 09 April 2009 09:21 AM #25

    Nice AAPL pop on the back of WFC earnings.

    (BTW,  I was listening to a podcast the other day that reminded me that the recession began 3-6 mos. before it was acknowledged. The same thing will occur with the recovery.)

    Don’t forget jobless claims at 6:30.

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    “Once we roared like lions for liberty; now we bleat like sheep for security! The solution for America’s problem is not in terms of big government, but it is in big men over whom nobody stands in control but God.”  ?Norman Vincent Peale

         
  • Posted: 09 April 2009 09:30 AM #26

    Is it too late to get into WFC (not as a short term trade)?
    Any thoughts?

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    “We hang the petty thieves and appoint the great ones to public office.” - Aesop

         
  • Posted: 09 April 2009 09:31 AM #27

    Jobless claims down 20,000 from last week to 654,000.

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    “We hang the petty thieves and appoint the great ones to public office.” - Aesop

         
  • Posted: 09 April 2009 09:40 AM #28

    Plato - 09 April 2009 12:30 PM

    Is it too late to get into WFC (not as a short term trade)?
    Any thoughts?

    I’m not surprised WFC is showing strength.  The bank is charging its customers higher rates because they can—businesses have few alternatives in this market.  “Mr Dealer, you want flooring on your vehicles?  You will now pay 2% more…”  WFC, like other banks, in some cases, hiked flooring rates 1.5% to 3.5%.  On top of cost-cutting, the banks are positioned to make an earnings comeback.

         
  • Posted: 09 April 2009 09:48 AM #29

    All the financials are up

    WFC 32%
    C 12.5 %
    BAC 16-17%
    JPM 12.2 %

    Of course they will all sell off at the open, since profit taking is what this market is all about.

         
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    Posted: 09 April 2009 09:56 AM #30

    AAPL is above the 200-day MA.

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    “Once we roared like lions for liberty; now we bleat like sheep for security! The solution for America’s problem is not in terms of big government, but it is in big men over whom nobody stands in control but God.”  ?Norman Vincent Peale