Dow Jones 10,782 -114.95 -1.06%
NASDAQ 2,394 -30.66 -1.26%
S&P 500 -14.24 -1.22%
This is a day that proves one fact: allegiance to mindless bullish trading can be harmful to oneself.
Even Apple shares hit the skids, and while the rest of the market went flat, then negative, AAPL held its ground ... until the final hour or so, and lost its gains and then some. Since selling my long shares by accident a few days ago, I lost a lot of my commitment to stay long with the world's premier stock. Though I'd traded around my long position in February, I just wanted to hold this new position. Apparently, it's not a good idea to wait around more than a day or two. The bears still have lethal powers, enough to chase out any meek bulls.
Sure, there's someone out there who bought a warehouse full of AAPL, BIDU and C at the bottom last March and still hasn't checked his or her account since. That's a real bull. Not out-thinking the market. But for the rest of us mere mortals, respecting the bears and bulls is required. Sasquatch isn't a bear. He ain't even real. But he's bear enough for me, and I'll wait until he leaves the vicinity before I go long again.
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