Altria Looks Like a Bottom

Altria (MO), a long holding that I recently hedged with downside puts, has hit its downside target, so I will take the puts off the table now. They didn't cover the entire drop of the stock due to the time decay and premium associated with them, but it helped me sleep at night being long MO. The action right now looks like a bottom to me. If I were not already in this name, I would begin a position here today or on Monday for those who prefer not to buy on Fridays.

Altria (MO) -– Daily Source: View Chart » View in New Window »

The best of the action in Apple (AAPL) today is it demonstrates the technical picture is in charge. The stock bounced right off support and resistance today. A trading range seems clear. A move above today's high should bring buyers into the stock. I was fortunate on my exit in yesterday's earnings trade, but, overall, only the sellers of premium won big here. One note is I have not changed anything on this chart. It is the same one posted yesterday prior to earnings, but today's candle is automatically updated here....169 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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