Exactly. Pretty easy call. I saw it take out $52 on that big volume spike and figured it would pull back. It is an airline after all... and the markets are jittery (for no reason imo) about Comey tomorrow. Should probably be watching CSPAN and see what these other guys are saying today. Your XLK short is looking good. I'd re-adjust that stop though.
Yeah chuck it sure feels like the bottom wants to blow out on the channel its in right now but im so exhausted from thinking that way and getting chopped out of stuff, i dont even want to try it again.
So i thought id just do a little write up, since im still overtrading in whats chop just trying to find anything AAPL just totally owned me. I was shorting it from mid 30's thinking that roll over it was going to keep going but was willing to take some heat on it hoping it would hold under VWAP, i punched once when it looked like it was going and then almost immediately re-entered when the top held at .60. Then AAPL goes down to the .30's, and at 11:40 there is that one two minute bar that barely manages to get through .30, but then it gets stuffed and it reverses. Then it holds and just starts grinding higher and higher and you can tell its just pure bots trading it, so it looks like its holding the trend up off the bottom, and its headed higher, I had already held it for an hour and gotten nowhere on it so i just punched out and said this aint happening. and then out of noweheree it just pukes 30 ticks, and keeps going, and you cant even really chase that big red bar cause it could just be another trap by algos running the stupid thing all over map. So in a normal market with lots of volume, there would have been traders noticing that move below 155.30 and they would have been adding in siz, but instead on no volume it stuffs and is able to just grind higher and shake everyone out before it makes the move. Its just so hard to read that price action.
Here is it with entries might make a little more sense, and of course now AAPL looks like its going to break 155, punched out 8 minutes before it pukes after holding for over an hour, and getting nowhere on it. View attachment 174372
I wouldnt be surprised if this turns into another trap guys be careful about chasing shorts too far, i got to remind myself of that on days like this when there is just not alot of volume, and not alot of volatility out there.