Thursday, April 24, 2008

What happened with apple

I lost some sweat.

What a ride from the time Apple announced last night to the close today.

After all the gyrations last night, at the open it took off but it stayed below my short point, then it plummeted, then bounced back and lingered for about an hour. It tried to go below $162 three times but it failed. That's when my guardian angel said get the hell out.

I think Apple is going to be range bound for for a while. It will hit a lot of resistance at $170 and it will find support at $150.

Will I short apple again? Not in this crazy market. Neither charts nor fundamentals seem to work anymore.