AAPL Intraday Updates - Archive
I just looked it up: http://www.investopedia.com/terms/p/paintingthetape.asp#axzz1wQRRbDIl
IMHO, Short term traders should consider taking some profits this week, considering that this strength may be due to quarter end for funds.
I should listen to my own advice. :(
I did take your advice, so thank you, Nevyn. I was able to sell out of a handful of calls that I was above water on, and I would be sitting under water now by a lot if I had held on.
My only problem - and that will be determined by how next week goes - is that I jumped in for another handful of calls at 570 and down to 565 (and I was feeling real good when we hit 572 today, figuring we were going to bounce).
That was one heck of a red day.
Oversold bounce? Are we even back to oversold? Well, I did raise some cash yesterday so hopefully I can put it to good use in an uptrend, however short. I knew I shoulda hedged my Oct 12s…*sigh*
Keep perspective. Remember, we’re still up from 530 (522 counting the intraday low). AAPL will not resist downtrends 100% of the time. The AAPL road has been rocky since 2010. Just stay nimble or plan accordingly depending on your investing or trading style.
The Summer of AAPL is here. Enjoy it (responsibly) while it lasts.
AFB Night Owl Team™