AAPL: Sold In Full Force As Expected
June 9, 2008 10:20 PM
The volume was huge today on AAPL and it sold down hard before trying to come back. This is what I expected. They announce the 3G IPhone today and the sellers have been waiting for the announcement to sell the stock. There is an old mantra on Wall St. - buy the rumor, sell the news. So as soon as the news was over there are players who will jump ship. We also would have to clear $192.24 to be long up here (even then I do not like it as you still have the high to contend with as I have repeatedly mentioned).
I still have no firm points to hold on AAPL except $144.54. This stock is an avoid IMO. But I have been playing that same song for a month.
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