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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.72-0.1%Jan 16 4:00 PM EST
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To: Davy Crockett who wrote (47747)4/16/2012 2:58:47 PM
From: Johnny Canuck1 Recommendation  Read Replies (3) of 69822
 
Keep in mind even with this sell off aapl is off only 7 to 8 % from its high.

Trend follow traders should out due to the break of a support level at $600. Ironically this is the fourth down day in a row so a bounce would be due in the next 2 days if there is no significant market news. If you were brave you might go short at the bounce. To be honest I am not that type of short term trader as I can't watch the market as much as I used to.

Keep in mind 1000 shares of aapl is $600,000 so to many traders $26,000 is not a significant move given the volatility of the stock. Don't get me wrong, it can be a good scalping stock provided you can get in sync with the stock. There is nothing wrong with scalping a few percentage point at each turn provided you have the capital.

Congratulation on the call. The trick is to consistently made the call on the stock at each turm. I knew a good trader that loved to scalp INTC that way when it was a lot more volatile. They were only looking for 3 to 5 percent every day or so. It takes a lot of capital in a single position to make it work though so fees don't eat up your profits. Maybe you have found your trading stock.
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