Apple Hard to Swallow
It has become clear that all the brokerage houses defending Apple (AAPL) are doing very little in the way of buying. It may be that AAPL grew to such a size that it was no longer defendable by Wall Street. Another leg down isn't a huge surprise here, though I thought a pin at $450 was on the table today. We've had the initial $5 push higher to shake out some of the put players, and now we are seeing the $5 push lower, in theory, to shake out the out-of-the-money call players. This still sets up for a $450 pin, but the weakness is so pervasive in AAPL that a flat day may be the best the bulls can hope for here. Many argue that AAPL is a longer-term story, and I agree, but it is very difficult for those who now feel trapped in this name and hopelessness has set in. I talked with a friend who works for AAPL and, while disappointed, he is still excited about the opportunity in front of AAPL.
Microsoft (MSFT) came out with a less-than-wowing report. I've closed the earnings trade at $0.65, which was a loss from the $0.79 entry. Unfortunately, I missed the quick exit earlier today for a small profit as the action was a bit hectic on the open, creating wider spreads and tougher execution. The stock came back a bit quicker than I expected, dampening the opportunity for profit....195 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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