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Great day: what does tomorrow bring?

Tuesday, 04 October 2011 09:56

A great day close enough to what I described in my most recent blog, looking for a "V" bottom and a bottoming in my favorite stock AAPL. These two events coinciding at the same time today around 2 pm, later than I would have wanted and on not enough volume to feel great about this rally. It "feels" more like a short covering rally than any real buying but at least for one night the bulls can get some sleep.

To wrap up the AAPL short call from September 27, it was traded perfectly, a full 10% selloff in 6 days ending exactly at the 200 day SMA and a long shadow bottom. If you are reading my blogs daily then this came as no surprise to you. I love this kind of trade and to me it signals an end to the down move in this stock. $373, $391 are going to be resistance on the snap back but for now I am basking in the glow of a seriously perfect trading call.

In doing my pivots for tomorrow, the PP is lining up with S3 perhaps giving traders a chance to buy on a quick selloff. As for me I tend to take the next day off after an outsized performance day which for me it was, both in my swing accounts and in my intra day accounts. I will look for some trades but most likely be light on the keys.

My hope is that you are learning a lot from these blogs in how I analyze levels and pick my trades. I would certainly recommend getting enrolled in the November class by CONTACTING US to find out more details. Picking these kinds of winners is not hard once you learn what I can teach you. There is no reason to be struggling in this business ask my students that are thriving.