As with almost all first days of the month (and Mondays) the market is up strongly to start the day - you can almost set the watch to it. At least today there is some economic data to support it, unlike most occurrences.
I continue to try to force feed myself to buy "something" since the market "can only go up". Looking at the market, if there is a continued move up, one would assume Apple (AAPL) would help to lead the charge or put another way, it would be difficult to see the market continuing to charge without the name. Being amongst the most liquid names out there, I will start a 4.1% exposure as the stock sits right above key support. The stock has bounced off the $300 level three days in a row, which is not only a 'big round number' but also the 20 day moving average.
The advantage is allowing for a 2% leeway as a stop loss, one can exit if the market ever decides it can sell off again. I believe NASDAQ is now up 9 sessions in a row.... it is quite egregious.
Long Apple in fund; no personal position
Monday, November 1, 2010
Bookkeeping: Restarting Apple (AAPL) Near Support
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows