Sorry to be so graphic here, but today's action is ugly. Technology and metals are getting killed, while financials are up. What gives? Aren't financials the problem? We all know the answers to these questions are not that simple. Market psychology is everything and certain leadership technology companies are experiencing panic selling at the moment.
AAPL hasn't done anything to deserve the pounding it is getting, but it is a consumer oriented stock and it is time to sell the sector. I thought that Veteran's Day would result in a thin trade potentially prolonging the down turn until later in the week. It seems like traders want it over with today.
While I have not yet really been wrong about the timing of this downturn, I have definitely been wrong about the severity of it. GRMN is the one stock that has some really concerned (M&A Bidding war), but it is holding its own today. It is PCP and AAPL (market leaders) that are being led to the slaughterhouse.
I had to sell some options (AAPL) at a loss to keep away from the margin man today and tomorrow. With AAPL, we are about 10 points from significant support (148). With PCP, we just hit it below 140.
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