5:35 am (Hawaii). Every time I start to hunch that AAPL will give back a chunk of today's gain, buyers step in and keep shares up in the clouds. AAPL up 1.8% to 351.19, a bit off its high, but holding up with strength. The market is up nicely so far, but some of the early gainers like WNR have lost some footing. WNR had been up more than 6% earlier and is now +4.1%, still the leader on my watch list.
The watch list is fully bullish at 75% green. Volatility is almost non-existent, but the skeptic in me says this might be the calm before the storm. Or is this lull in global tragedy going to extend after the recent crises?
Speaking of clouds, the North Carolina data center of Apple is becoming more interesting by the day. Is this about iTunes and the "locker"? Or will the A5 chip provide gaming on a whole new level? Both and more, probably. The long term looks solid for Apple. The short term for my position is undetermined. I may be 20 bucks late or 20 bucks early. I might close it in a minute. Maybe the hedge funds empty out and lock in profits, then get back in cheaper next week before end-of-the-month window dressing. I'm looking for any sensible reason to sell and book a decent profit on yesterday's AAPL buy, but it won't let me yet.
Update 7:13 am (Hawaii). Sold the AAPL position at 350.65, well off the HOD (351.84), but I wanted to lock in a decent (small) profit (7/10ths of 1% of my roll). It's purely psychological. Good confidence builder whether I want to acknowledge the fact or not. I like the way my electronic broker hangs on and gets me a good price both on the buy (346.75 yesterday afterhours) and sell while asks and bids are working against me.
AAPL drifting, probably on stop-loss orders, down to 350.42 now. Not swaying one way or the other on a possible re-entry. Even with the nice run this week, AAPL is roughly in the middle of its near-term trading range. iPad 2 global mania vs. Japan nuclear crisis + Middle East burning ... can anyone really hold over the weekend? Hat's off to the long longs in AAPL, the people who bought at 20 or 40 when bankruptcy talk was common. They have no problem holding over the weekend.
(photo: Tim Wimborne, Reuters, Sydney, Australia)
First in line for iPad 2 in Dublin
(photo: Adrian Weckler)
He flipped an iPad 2 for a €200 profit
(photo: Adrian Weckler)
iPad 2 stock out but lines remain in Dublin
(photo: Adrian Weckler)
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