Yesterday's bullish engulfing has given bulls the energy they needed and keep on bruising the bears. Stay long and keep an eye $110
One time I wrote here on ET that if I ever say I'm shorting Facebook again... find the nearest blunt object and hit me over the fucking head. Well... ditto APPL. !@#$%^&*#$%^&* I knew better. Friggin trading psychology. Gets ya every-time. But it shouldn't. Shame on me. *&^%$#@#$%^&
It broke the critical $110 level on a close. If it can hold, then the target is all time high retest in the $130's.
Yes, it's trading psychology for sure. Despite the "hatred" for its countless upgrades with $700 price tags, we have to try to remove our emotions from the equation. It does NOT matter what we think, as they are just merely individual opinions. All that matters is what the CHART "thinks" and right now the chart (i.e. the herd) says low $90's was support, $110 was resistance, and a breakthrough resistance means it's going UP. So it seems it also did not matter that Tim Cook sold 1 million shares, as the market willingly absorbed all of them. There was no need to sell one-third of my position at $109, I just had to be patient for the resistance level to break, which of course it did. Also, this is one of the most widely held stocks among all the index funds (via mutual funds and ETFs), and it has less than a 1% short float. Betting against it requires market timing perfection, and a mindset to trade against the WORLD, lol. However, as you correctly stated, it's trading psychology, and it "gets ya every-time." http://finviz.com/quote.ashx?t=aapl