Wednesday, October 29, 2008

AAPL

I bought AAPL at 93.5 a few days ago and today I sold half of my position at 107.5. I traded off of Roth IRA, so even if it's about 14 pts, I didn't have many shares. Going into FOMC announcement, I thought I should sell and buy back if we get a pull back. Granted, if we can consolidate at this level for a week, we might see some up move.

Yesterday's action was really good for bulls. Engulfing pattern is one of powerful reversal patterns I've seen. But remember the trend is still down.

Other commodities are all rallying today. If or when we get out of this mess, I can see people complain again about inflation. At that time, oil should go to 200 and beans go to $20/b easily.As with other futures, natural gas completely moved away. This time, I really want to be prepared for that situation.

As for NG trade, I just don't have much luck with it or I'm just too conservative as it came close to my entry but moved away significantly.

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