Thursday, August 25, 2011

Apple Profits Booked

The Apple trade worked perfectly as expected. I felt the selling was over done and if you followed our plan you would have made money. Apple opened alittle above the area we wanted ideally but you could have entered on the breakout in the $360 area. You had to enter in premarket trading in order to get in. Here is Apple premarket:

Apple traded as high as $375 way past our minimum target.

I don't think we'll get a trade in Apple like this again for a long time. This is one of those rare instances where the market was completely over reacting and astute traders could take advantage of it.

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