Quote from retaildaytrader:
Listen to me, listen to an experienced trader. Apple is going to slide to 150 or so.
Two days ago I started this thread to warn you what was about occur. It was a civil service message, a free message, the best tip you were going to get. Most of you replied back with lists of trading strategies from books that I am using to build a fire in my fireplace. Some of you replied back with various bits of profanity or telling me how much cash Apple has on its books.
Now we are waking up to the futures sliding. I bet some of you will try to grab a few shares of it thinking this is another pullback. No, its not, we are in a slide. You do not understand that Steve Jobs is not going to last forever. He had a liver transplant. Does that make this guy now a healthy man?
Wake up to reality. Grab yourself some coffee. The best trade you can make now, right now, is to get yourself into an inverse etf for what is about to come.
Whatever happens, not one of you will believe me. You will sit there with your shares of Apple in hand telling me how much money you made these last few months and how I am wrong. Eventually, you will either disappear or author a thread how you are "Stuck in Apple".
You go ahead and do that as you have done time and time again on Elitetrader. It is with displeasure that I have to announce to you that the rally is now over and some of you will be "stuck" in something. I dont want you to lose money, but you refuse to listen to those who know more then you do. So you wallow away wondering about the market and reading that jibberish from the rags.
Nevermind, listen to me, listen to me. The rally is over. Its time to get short and I am shorting best of breed. Crapple.
This is why I visit ET. Great post on every level.