Don't look now but this chart has all the makings of a double top. I can't short individual names, but this might be a short term short, at least until the $160-$170 range.... in lieu of that I have just cut back the long position, awaiting lower entry points to rebuy. We'll see if I get one.
We are down to the first support, 50 day moving average ($172) so I am beginning to rebuy, but only a bit here since this is definitely a double top we have formed. I'd much prefer the 200 day moving average of $161 (or lower - maybe low to mid $150s would be possible in a market plunge). So for now, I am simply taking this from a 0.25% stake to a 1% stake. (as an aside, if I were shorting, I'd be holding onto my short as a hedge and cover down there somewhere in the lower $160s) This is the first scale in, but I want lower prices to add more. In a healthier market, I'd be happy to load up more here, but not in this sick puppy of an environment.
As an aside it is sad to see all the focus on Steve Jobs' health, but with his history and the fact he is the face and genius of Apple (AAPL) I do understand. It is the #1 story on CBSMarketwatch.com today.
- But a strong undercurrent at the event focused on the emaciated appearance of co-founder and CEO Steve Jobs. While Jobs, 53, looked especially gaunt in his trademark black turtleneck and faded jeans, other Apple executives spent more time on the stage during his keynote address -- a notable move for an executive who typically spends much of his speech rallying the Mac faithful and introducing many products himself.