Green is golden!
Dow 10,163 +93 +0.9%
Nasdaq 2,236 +32 +1.5%
S&P 500 1,086 +14.6 +1.4%
I'm not long anything and missed the boat on Apple. Green Apples for all. AAPL is at 243.58, well off its early low above 231. Howard Lindzon grabbed Apples then and is a proven genius.
From Wednesday's high of 258 to today's low, the Fibonacci retracement tells an interesting tale. Off the low:
38.2% retrace: 241.72
50.0% retrace: 244.95
61.8% retrace: 248.18
Technically, AAPL is bumping above at the 50% retracement level. The run from 231 was amazing, but 241-248 might be the new (old) range. I sold what I thought would be my long-term position a week or so ago at 257, so I'd love to get in here at 243. I also would like to wait and see what happens now that shorts have given up the ghost and the battle between bears and bulls is far from over.
FAS made a swift move up from 22.75 (before 11 am Eastern) to 24.25 in 45 minutes. I didn't have the conviction to enter a position, but then again, I was nodding off and nearly got a stiff neck. (It was 5 am here in the islands.) Like AAPL, FAS has stalled out during lunch hour.
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