New short, 223.30 average. 5000.
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Apple getting bit
- Thread starter mnikolic
- Start date
Quote from asiaprop:
why would you guy try to short apple? it showed strength 5 minutes after the open, lol. Much better short candidate imho is CIEN, even still now.
It showed strength at 227 as well.
I made 11k on the last short, given about half of that back here, but will get stopped at 228 or partial cover at 220.
I was hoping it would fill that gap this week. I dont even know why this market is up right now. were overbought, and who knows the real outcome of this healthcare bill.
the health care bill is past news ;-)
the point is not about guessing what may happen in the future, its putting on high probability plays. Run backtests and and you see that a stock that sells into a rising market or one that remains unchanged most likely sells off more once the market topped out or corrects back to the downside. Apple was the opposite it showed a lot of strength. Of course you can make money on the eventual topping out in AAPL but most likely you also get stopped out several times before that or it may never reverse, at least not anymore today. Why not shorting stocks that showed clear weakness...thats how it works for me day in day out. Picking tops and bottoms does not work for me, maybe someone else can play that magic. I doubt, however, that this is the easier way of trading stocks ;-)
the point is not about guessing what may happen in the future, its putting on high probability plays. Run backtests and and you see that a stock that sells into a rising market or one that remains unchanged most likely sells off more once the market topped out or corrects back to the downside. Apple was the opposite it showed a lot of strength. Of course you can make money on the eventual topping out in AAPL but most likely you also get stopped out several times before that or it may never reverse, at least not anymore today. Why not shorting stocks that showed clear weakness...thats how it works for me day in day out. Picking tops and bottoms does not work for me, maybe someone else can play that magic. I doubt, however, that this is the easier way of trading stocks ;-)
Quote from SCI new york:
I was hoping it would fill that gap this week. I dont even know why this market is up right now. were overbought, and who knows the real outcome of this healthcare bill.
Quote from asiaprop:
the health care bill is past news ;-)
the point is not about guessing what may happen in the future, its putting on high probability plays. Run backtests and and you see that a stock that sells into a rising market or one that remains unchanged most likely sells off more once the market topped out or corrects back to the downside. Apple was the opposite it showed a lot of strength. Of course you can make money on the eventual topping out in AAPL but most likely you also get stopped out several times before that or it may never reverse, at least not anymore today. Why not shorting stocks that showed clear weakness...thats how it works for me day in day out. Picking tops and bottoms does not work for me, maybe someone else can play that magic. I doubt, however, that this is the easier way of trading stocks ;-)
Apple was showing plenty or reversal signs last week in trading. kept hitting resistance and backed down, and we sold off. so did aapl. Gaps always get filled. It showed more weakness this morning and then the market reversed. Market is overbought at these levels. Im not calling a top or bottom, but a move downward is needed right now for us to take a real leg up. So don't go playing monday morning quarterback and how you saw this coming just like all the other ET posters who got in apple this morning at 220 and are riding this whole move. Get real.
Today sure is a show of force again.
I thought it would be just a big-money move to shake shorts off of their positions, and then reverse south again.
During an uptrend oscillators can stay in overbought state for many days or weeks.
It can take weeks or months until that huge breakaway gap of 03/05 gets closed.
And then there's that tiny gap of 03/12 with its low of 225.75 which might get closed just today or maybe tomorrow, and in turn encourage bulls.
There's still one hour to go. So let's see.
I thought it would be just a big-money move to shake shorts off of their positions, and then reverse south again.
During an uptrend oscillators can stay in overbought state for many days or weeks.
It can take weeks or months until that huge breakaway gap of 03/05 gets closed.
And then there's that tiny gap of 03/12 with its low of 225.75 which might get closed just today or maybe tomorrow, and in turn encourage bulls.
There's still one hour to go. So let's see.
We may see 230 before we see 220. Q1 window dressing at work...