CAUTION: XLF, WLT, CHK
April 28, 2008 10:36 PM
If not for the Fed on Wednesday, I would say short WLT, and CHk right here and extreme caution in this range on XLF. AAPL cleared the possible reversal attempt attempt early on and took out that play. it had to clear Friday’s low to “technicially” put a short on, and it never even came close. Not exactly sure where this strength in AAPL is coming from as their numbers do not support this strength, IMO. But you have the “AppleHeads” that want to own this stock. Volume has dropped dramatically in the last 2 days on Apple however, so this rally is weak, at best. AEM fell again, not a shock at all. The Cramer heads are going to be beat to BK on his call to be long at the highs. If the dollar firms, AEM could easily see $35. Big if, I know.
The Fed decision on Wednesday takes all plays off the board, basically, as it is going to move afterward, most likely. But be careful here.
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