Good night's rest here with no regrets about taking a pass on today's flat (fractionally negative now) market. I never plan to miss the market, but when the body talks, the brain needs to listen. Going into the close, same approach: unless something shifts dramatically, the thin volume is not able to hold up any stock properly. It's almost a mirage. AAPL opened above 259, riding momentum from yesterday's close and afterhours trading. AAPL gradually fell to 253 after lunch (Eastern time), then rose to 258 here 30 minutes before the bell. That's interesting range. Volume spiked at 12:30 pm Eastern (downside) and again just after 2 pm to the upside.
With the developers conference (WWDC) on June 7, all indications point to the unveiling of iPhone G4. That's being priced into the stock right now and has been since the precipitous drop to 231 last week. I'm staying out unless there's another drop to 253 or 254 today. It's not just about stock selection. Price can injure a trader easily in this indecisive market. I punt.
[Update: I missed this earlier. Downgrade of Spain. No shock, but it led to the mid-day selloff and temporary decline of the broad market.]
No comments:
Post a Comment