Looks more and more likely AAPL will go down to the 550-575 range and test it's 50-day moving average. This is normal and positive action for stocks in general, as long as the 50-day moving can hold.
I am not too worried about this correction, I don't think this is anything unusual for a parabolic move and then an earnings release the following week. Just signifies that this will run up nicely sometime this week.
My plan was to sell for a nice 3% profit by Monday, right before earnings. The way this is heading I might have to hold through earnings, dammit AAPL. Pick up, you've finally corrected, congrats.
Venom, it does not sound like you have any sell rules / plan to the downside. Remember to keep your loses small, set sell stops when you buy and always stick to them.
I usually do, but with AAPL it's been up up and away for quite some time now. I was very surprised that I went in at the top, the fall on Tuesday was surprising and I didn't know what to make of it so I decided to wait it out. Then I averaged down on Wednesday and since then it's been a free fall.
I've been gone from HSM for years, I came back a few weeks ago to to voice my bearishness on AAPL. Remember folk stocks peak when the its loved the most. I'm riding my short swing short on AAPL. All the longs out there have your damn max loss stop in it. dont let this correction kill you. Stop averaging in.
the 50 day moving average might give you an oversold bounce but shortly (2-3 days) after, it will break that 50 DAY moving average and will continue to trickle down...