>>
Apple's performed pretty well today regardless other tech stocks
plunging. However, it seems 19 is a resistant point either
upwards or downwards, and hence it closes at 19. The clock is
ticking, only one and an half days are left for the big event.
I wouldn't be able to sleep well if I hold short. However,
today's performance benefits to the short holders. The price
was artificially held around 19, the volume was about three times
of its daily average. There is short coverage or new buying
positions at today's activity, which nobody knows. But, I
believe it is only a very small portion of short coverage, based
on patterns. <<
Interesting comments. Support areas on the way down virtually always become resistance areas on the way back up. This is certainly one of those points.
I also noticed the "artificial hold" at 19 today, about like 18 1/2 yesterday. Although I don't understand the bounce to 19 1/2 then the fall back to 19 then holding there, it seems to me three possibilities could account for it:
-- the specialist took a bath on the fall from 25 to 16 and is reducing inventory at a level that breaks he or she even.
-- some mutual funds are slowly getting out at prices that don't do much one way or another for their portfolios.
-- Really smart money has sold one hell of a lot of options at 20 and 22 1/2 and will do everything they can to hold the stock down <g>.
If anyone can add to this list then please do so.
Good luck tomorrow and monday, at least to the bulls. Let's see if we can open at or above 19 1/2 and do the same thing again, or better.
Sam |
