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Today’s Low On Financials, AAPL etc. Is Important. For The Market, It Is Not Critical.

April 10, 2008 9:04 PM

On 04/02 I said to sell financials, specifically the financial ETF XLF, at $27.10. Today’s low of $25.32 is reasonably important. If that clears, then $24.41 would be next support and below that is March 17th low. There is still BIG caution above $27.00…That has not changed, and likely will not change until financials release earnings…do NOT be long up there for now…..

AAPL needs to hold today’s low. I am still convinced that anything long going into earnings on AAPL is gambling, pure and simple. The worst space to be in, in the WORLD is US consumer discretionary….which is what AAPL is mostly in. Sideways here until earnings seems likely…

For WLT, it appears that $65.90 is trying to hol here. If we can push through that here could be a little more pressure. The up market saved it a bit today. My call to sell it and buy cheaper off $69-$70 is still valid, but the profit i was looking for. Better than being wrong, but $1.00 - $3.00 to the good…isn’t worth me writing about.

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Comments

One Response to “Today’s Low On Financials, AAPL etc. Is Important. For The Market, It Is Not Critical.”

  1. Scott on April 13th, 2008 12:39 pm

    Great call on AAPL !

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