What would the market do without Apple? Intel blew away the number and did nada, TXN was sold and IBM was punished.
I believe an extreme case of sellers remorse and self loathing crept into the market and AAPL shares yesterday at about 10AM, as buyers may have realized that they overdid that whole “antenna-gate” thingy.
Apple rallied and so did the market, and as usual, the iPad lifted all boats.
So now where is the catalyst? Morgan Stanley? Starbucks, Honeywell? Maybe, you never know, but it seems like the market was waiting for GS and AAPL and now that they have it, the bulls better connect the dots and put a few follow through days together or this market will go down like bad wine.
If buy and hold is dead, then swing trading is in stage two of pancreatic cancer. Long term has become maybe a day or two (if that), and the whippiness has been epic. Just look at the bottom to top move yesterday. Amazing. I came in yesterday 90% short (covered a bunch by mid morning) and found myself very net long by lunch. If you blink you lose and I have moved a commode into my office and I am on a first name basis with the delivery guy at the joint downstairs. I have also rigged sixteen crazy straws to my water cooler to avoid any draw downs and prevent any possible performance anxiety.
Keep your eye on Europe and their “stress” tests as we approach Friday.
It’s hotter than a ham bone on my Premium Site, long and short. Some chatroom calls in the last several days resulted in GS +$10, CMG (short) +$5 and AAPL +$7. Good luck today.