Today was a shot over the bow for the shorts. Starting tomorrow and continuing next week long barrage starts in earnest. Sub 100 has been fun but next week folks won't be giving up their shares for anything less than 100 and see 120 being first real test.
Quite the contrary..market will continue to go down starting with GE earnings announce on Friday. It will go down on Q4 outlook for most tech companies next week. The holiday season will be crap for Apple - who wants an iPhone when it costs $100 a month to maintain?
Obviously consumer softness is more than priced in with the 50% drop in shares over the past 3 months. Irrational pessimism can be as just as powerful if not more that irrational exuberance. Global depression talk has pushed many to the sidelines. As fear of total financial system collapse wains folks will open their eyes and see what's out their and aapl will get in the way of some of those dollars coming back into equities. I think GE will actually kick off the shortism term rally. I'm not delusional and think we're going to 180 but once 120 is tested then probably settle in the 130s for the balance of the year. I guess your taking out a short position but I would be very careful at this level. Look at the action today.