CSCO Trade Stopped, AAPL Shorted, Oil Sideways, Market Yawns
The Market Today:
Beginning of a downtrend from major resistance, or a nice little pullback into an uptrend? The weakening volume says pullback. The price says “ho-hum.” No trade entry here. I’d be inclined to go long on a resumption of the uptrend, though.
I admit it. Based on my previous evaluation of Apple, I got short on its failed breakout. We’ll see if my daughter’s “uncoolness” downgrade was correct. This one isn’t a classic setup… I just felt like I owed it to her after she and all the other teenyboppers were so disappointed by Jobs and his “lame-o” announcement (i.e. no cool new cell phone plus Ipod).
Oil shows bottom! No… oil breaks down! No… breakdown fails, long setup imminent.
Yada, yada, yada. We’ll know as soon as this damned range breaks. I still think it’s some extended bottoming action, but I could be wrong.
Update on current Cisco trade: Stopped for a final gain of “2.9R“. Read the whole story here.