AAPL: Trying To Hold $165.31
June 24, 2008 1:35 AM
Normally I would say long AAPL on further weakness tomorrow above $165.31. My concern is the Fed coming on Wednesday. I just smell big trouble coming, but could be wrong. If you make that trade, have stops in. I have zero confidence in anything, especially long, going into the Fed. News is ugly, what they will have to say will be marginal, at best. There is no good news within 800 miles of the U.S in any direction. Ohh, and AAPL is overvalued, IMO. Not that I care much about facts when it comes to the market.
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AAPL cracked 165.31 Friday (164.15 low) It then sot back up to 170. Where do you think AAPL is going from here?
It made another reversal attempt. It looks like this is going to try and make an intermediate low in the market. Once all these lowes clear down the road, the rout should be on to the ultimate lows.