3 am (Hawaii) Examining AAPL and QID from yesterday's afterhours trading and this morning's premarket action, QID is roughly where it was at yesterday's AH close, 52.79.
AAPL, however, is among the bottom-feeders on my watch list so far today at 347.71, down 0.78%. It gives me a little more credence in my theory about the trading range, 326 to 365. The midpoint of that range is 345.5, and though volume and momentum always fluctuate without clear, definite reason, the price tells so much. Price is one of the reasons why I'll check futures and stock prices before I catch up on global or domestic news.
In a skittish, flimsy market like this, we have peaks and valleys often based on nothing more than big-money manipulation. When the hedgies have had their fill at the AAPL buffet line, they dive out of the building after setting the gas lines on fire, and all us little peasants are still in the line, loading up on fattening desserts like the fine gluttons we are. This is why I'm always wary about AAPL above 350 and always willing to consider a position below 345. It's a chickenpoop approach, you might say, but I'd rather manage risk and ride it between 340 and 350 than buy above 350 with such thin volume.
Elephants on melting ice. Bad combination. Everything sinks to the bottom of that cold pond when the elephants dance too hard.
In an environment like this, issues like CHGS go flying to the moon. CHGS (China Gengsheng Minerals) was up more than 20% earlier in PM but has pulled back a bit and is now at 3.45. CAUTION advised. Don't get caught in that tsunami now that the early traders have begun booking big profits. You could get swallowed up and pummeled a loss far larger than you ever feared. If you go XL on CHGS, please for mercy's sake have the sense to hedge your bet with puts. Protect your ass. The market never will do so much for you.
LULU is also up, 2.15% to 87.10. Another sign that this market is in risky territory. A LULU top is often followed by a painful pullback for those who are all-in.
UCO flat. EXK, PASS, SLW, SLV all flat. GLD and NGD are fractionally down, too.
Times like this, in between earnings seasons, media has little to do but dwell on danger spots. There is no catalyst in the short term for AAPL or any other substantial mover. Daytraders will move in and out quickly, sending the CHGS and LULU stocks of the world soaring, then right down off a cliff.
Still 100% cash and watching with another wondrous piece of technology.
Necklines? I know it's not just me noticing that CNBC has Mark Haynes off-air (vacation?) and in his place is a blonde anchorwoman with big hair and a seriously low neckline. Probably the most boobage seen on CNBC since that Hugh Hefner special. Or that porn industry documentary. Comparing ratings today versus when Haynes is on air would be interesting.
Some Amanda Drury photos off Google.
Maybe she doesn't mind being eye candy. Otherwise, at what point does she tell the producer, "Bugger off, bitch!"
Zero Hedge: NYSE reports third-highest net margin debt amount ever (Mar 29 2011)
