AAPL: So Far, So Good
Only one chart tonight:
We are at that point where we’ll know very soon how this story turns out. Probably tomorrow. At this point it looks like a classic pullback, diminishing volume and all. If I weren’t already short, I’d see a break of today’s low as a potential entry tomorrow. If it behaves really well, I may use that as a point to add to my (short) position.
Stop still stays the same, since today printed another higher low, and I don’t move my short stops (or second basemen) on higher lows.
Paul said,
December 12, 2006 @ 12:49 am
Hey Will,
I’m also short AAPL, and i gotta tell you, if it were any other stock, I’d be might confident right now with the textbook low volume pullback. However, something about it being AAPL make me very, very nervous . . .
Will said,
December 12, 2006 @ 7:39 am
Paul- I know what you mean. For some time now, buying every pullback of AAPL has been rewarded, and we still may not be to the point where the selling finally overtakes those eager to make some easy Apple$$. I see the 89.30-89.50 level as the area where the probability shifts… kinda like seeing an opponent pair up while playing p*ker- you were the likely winner, suddenly you’re the underdog, and you may still pull it off, but the odds are against it. Still leaving the stop alone, as trailing it too quickly and too far have cost me in the past; but I’ll be watching intently today. And as you point out, this is Apple, so I’m not married to the idea that this has to be the time my Apple-shorting fetish pays off… but my toes are crossed
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