Given today's $AAPL news it's not surprising that institutions may be taking off positions. How much is the bigger question which will reveal itself in time. Opportunity will be bought; It's like a phoenix, you can't kill this bird.
But today was not so much about $AAPL as it was about the end of the 3rd quarter and the end of the year scenario beginning to be played. Sell for profits, and minimize tax gains, buy back before the end of year, for next year profits and do it so no wash sale rule applies. Hence the all important 30 day absence creates a slump after which enough time for opportunity to be formed.
When markets slump or quickly rise, watching levels of support and resistance become even more important because they become the opposite markers on the reverse. Spending time on charts and studying levels pays off in the long run because one does not have to time the top and the bottom, but can recognize direction change more easily and perhaps with better timing.
These were my comments today, Thursday Mid-Day :
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