The chart of Apple Inc. (AAPL) is a prime example of why the end of the year is very tough to have any sizable positions. This morning I came in long shares of AAPL and was stopped out as it went from positive to negative. After so many upgrades and no traction it made me a bit concerned.
I sent out a note to get short 319 and add below the lows of 318.23. I lost and got stopped out at $320.40. I took a small loss which I think is not a big deal as long as you take, admit you’re wrong and move on.
Now as I come back to my desk this afternoon the chart looks bullish again. I am long from the $322 area and will add above $325 for a move into news highs. My stop is $321. If I get stopped out I will not send out AAPL again the rest of the year. It is always hard to get back involved but all you have to do is push the keys with a strategy.
Look at the morning chart I sent out and then the afternoon. It’s crazy how different a chart could look on the same day. This is why you try and be flexible and have stops. If you honor your stops it will keep your powder dry for the next trade.
*DISCLOSURE: Long AAPL
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