Cash for the Weekend
End of the week. End of the quarter. A bounce today, but after Wednesday's action and Thursday's bounce, coupled with today's weak volume, I view yesterday as nothing more than an oversold bounce. I am much more comfortable heading into Monday in cash. I'm spending the last hour or so winding down positions, including some pin plays that produced nothing more than interest, which is better than a loss but not nearly as fun as a profit.
My dreams of an Apple (AAPL) $675 pin have faded with the afternoon trade. The stock took two runs at $675, but the selling pressure has just been too much today. The media would like to blame it on the Maps admission, but I'd look more towards the weekly options. Too many folks were sucked in yesterday and then whipsawed today for a second straight day. Seeing the action in some of the former leaders, though, has me questioning this market. The quarter is over, QE has been announced and Spain will certainly need a bailout. My thoughts on any Spain announcement are that the country needs at least double what the stress test "tells" them....91 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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