The market today would have ended further down without AAPL. The bulls should use some caution at this point since the market has seen quite a big run in the past few days.
I woke up this morning around 8:30 as usual, quickly packed lunch for my husband and sent him on the way to work. At about 9, I sat down in front of my trading desk and started to check if the stocks I picked last night were all shortable today. Most of them were. Here was the list: PWRD BG X HES WLT CNX VMW FISV CNQ TJX and PCX.
I knew it was going to be another tough day for the bears since APPL’s earnings sent the stock higher, which held up the big market. The first short trade was PCX. The entry was good and the exit was not bad. A good entry/exit is an entry/exit you make according to your plan. It is not about catching a top or a bottom, which is a fool’s game. See the picture below. I actually had a 2% move on paper. But I was shooting for a 5% move. Therefore it did not materialize. I exited the postion almost flat.
Click on the image to have a better view
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