Okay, I didn't make many posts Wed. through Friday because I was really busy not only with trading but I'm looking at new cars to buy as well.
Buyers stepped up and we blew right through resistance in, i think, all of the indices. My trades have been quick and remain intraday. After all, the primary trend is still down. Everytime buyers step up and we move higher, I take profits fearing any potential downward pressure. Wed. through Friday I made quick profits by going long LAYN, FCX, CLF, and KLAC. Now, my eyes are on AAPL. I'm holding a small position right at $160. After the great news from INTC, IBM, and GOOG I felt that the $160 break would run AAPL to $172. Well, we didn't get there yet, but I think it may happen even before earnings come out. The only long position I'm concentrating on now is AAPL. We are flirting with 12900 on the Dow and that makes me even more nervous about downside risk. If AAPL hits $172 prior to earnings, well, thats probably going to be enough for me and I'll take profits. If it comes in prior to earnings, I may add more shares and hold through earnings-- with protection using puts. I'm expecting nothing but good news out of AAPL this week. To me, the trade in AAPL will be in the 3 days running up to earnings. If AAPL happens to trade below $160 going into earnings I may hold off buying more until the day of earnings. We will see how this plays out. I'm not expecting many other trades this week unless it is on the short side.
1. Long AAPL at $160.
2. If it closes near $160 on Monday, I'll add more.
3. If it runs higher from $161 on good volume I will not add.
4. If it breaks back below $160 I will not add until $151 or Wednesday, whichever comes first.
If you missed the trade in GOOG or INTC, this could be your last big opportunity in a large player before the summer slump.
good luck
Bo
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Some more interesting stocks listed.
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