Tuesday, May 29, 2012

Bouncy indeedie (updated)

4:11 am (Hawaii) Volume plus a bounce on the bull side got me into FAS at 81.75. I was up a teeny bit when the consumer confidence report was released and I got stopped out flash crash style for a small loss. Within a couple of minutes, FAS rallied off 81.25 and head right up to 82. I re-entered at 82.25, put my stop loss order in and it has ranged around that price since.

AAPL had been up to 570 briefly, came down to 566+ and is now back at 570. If there is no bad news coming down the pike, this bounce could last a few sessions or more. Short squeezes galore.

Update 4:38 am Out of FAS at 82.15, teeny loss. JPM tanked horribly even as FAS stayed above 82. In the meantime, AAPL surged higher. So that ended the FAS trade. Whatever happened with JPM, I wasn't going to stick around waiting to see FAS drop like a rock, too. Got in AAPL at 573 with a stop loss in. AAPL is already up $10 (+1.8%) but if today turns out to be pivotal, even just for a short-term bounce, there's way more upside coming. If.

Update 1:59 pm In AAPL at 573, stopped out at 570.50. Wicked churning and I should've had the sense to stay the hell out. AAPL closed above 572, but dipped below 571 in the past hour or so after hours. Three trades today, three small losses, but psychologically not good. Need to protect confidence and capital.

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