Wednesday, March 4, 2009

Bookkeeping: Closing last of Apple (AAPL) Short

I am closing this last batch with a loss but overall a small win on Apple (AAPL) short. The gap to $83 never filled despite horrid action in the market. Maybe it will in the future but this short has been like wrestling Godzilla in a back alley, and Godzilla had 5 knives. I had nothing against Apple specifically, this was just a "coin toss" against technology stocks - in retrospect if the coin had fallen on Research in Motion (RIMM) or Google (GOOG) I would of looked like a genius. Instead I have a small victory but many knife wounds. The stock has serious buying each time it falls to the $87s.

Since we have an opportunity to squeeze shorts to S&P 741 and people love their technology stocks in a rally I am going to step away. We threw the last 0.9% out today.

No position

If this market can hit 741 we have a great chance to be GREEN on the year - let's do this!

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