Tuesday, January 22, 2008


The Qs bounced out of the abyss in the first 60 minutes into a narrow range S1 - S2 day. That 2nd to the last 5 minute bar was a tell that not everyone was buying. AAPL's earnings were less than expected and it is off $19 and change after hours and the Qs are at 43.68 . . .down .52 from the close.
The problem with today's "rally" was that the black hole of an open was de facto. . . .there was no sell down or capitulation leading to the reversal although volume was heavy (380M compared to the Aug 16 plunge at 362M). I may be nitpicking this thing. . .(buying the open was clearly a great opportunity), but I am skeptical of the strength of this bounce (the DOW did finish down 128 and the Qs were down 1.15 before the after hours drop.)
I managed one long at the open in EK which I closed after 15 minutes as I had other projects to deal with. No regrets.

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