AAPL

AAPL is gaping down  just over 9 points to start today's session.  This will bring it into the 530 gap area from 11/19/12. 527.68 will fill the lap from that day.  A key Fibonacci retracement sits just below at they 524.50 level.

Is AAPL a SCREAMING BUY down here?  Who knows! 

AAPL was crushed yesterday, and was hit Tuesday as well, so the stock is pretty short term oversold and getting a ton of negative chatter (for example: the run is over for good; it will never see the highs again; it's a broken stock; blah blah blah).  I have no idea if this is the case, but I do know that only a few months ago, it was the super stock and those same people were saying how it would be at 1000 by Christmas.  My point?  Don't listen to the crap out there, trade the charts.

Even if you aren't an intra-day trader, don't trade stocks, or you are not comfortable with trading a stock like AAPL due to price and/or volatility, there are still lessons to be learned watching how it trades around these Key Decision Areas such as the levels mentioned above.

Long-

Building a small long position on the QQQ here-

Shaked me out

So the market shaked me out of my longs late tuesday them decided to make a V reversal after hearing Obama talk about tax cuts and the Fiscal Cliff yesterday.
Before the open we hit 1416.75 which was some resistance and will be looking if we can get through this area on any buying.
In the mean time I am all flat and waiting to get back on board as long as there is no choppy trading which has been frequent these days.

Downside

Traders working the downside early this morning- looking for that 1378-80.75 area for some meaningful support

Before Open

Well seem like getting out yesterday at close below 1400 seem to be the right call before the open. 45 before the open we are down on the futures and looking for support @that 1391 level early on.
Yesterday was tuesday and we didn't get our usual turn around tuesday play that that tells me we are biased here to the downside for the moment.
Let's see how we play into mid day.

on the upside the number to get through is still 1408

1403

1403 is the magic number for me to stay in my current longs at the close- of we close above I will still ride my long positions I have but below I will cash out.

I still believe in my upward bias mode for rest of year but we could be in for a pullback before we remount again.

BINGO

officially +40 point on the S&P since friday's buy.
Sometimes you just have to take the opposite side of these tv talk heads even without a setup.

Proves they are always late or wrong!