Silver lining
Okay, so today was not a good day for AAPL.
On the positive side, however, we held 40 pretty strongly through the day and I'm personally impressed with the rounding-under that the chart takes late in the day. Heck, we even ended on an uptick!
Down 1/16 on a day with the Nasdaq up 71? But this stock had some bad PR (channel stuffing accusations), serious loss of momentum in the stock, a downgrade by a small firm (Sands), and options expiration to combat. I've also found that when a stock gets the wind knocked out of it and loses momentum, that an up market day can actually *exacerbate* that loss of momentum rather than cure it.
All in all, I'm happy with the way we look going into the weekend.
Let's just hope we don't see October again. These past two days have played out very similarly to October, except for the rounding-under upsurge late today. In October, it took us nearly three weeks to get out of the dead-zone and start back with some upward momentum. . .
Andrew |
