Apple Inc. - AAPL - close: 113.66 chg: + 8.40 stop: 97.45
It looks like we weren't the only ones eyeing the dip in AAPL. The stock gapped open higher at $108.25 and then soared to an 8% gain. Our plan was to buy a dip in the $102.50-100.00 zone with the $100.00 level acting as psychological support. It could still happen but if AAPL rallies again tomorrow we'll drop it as a short-term bullish candidate and move it back to our internal watch list. If triggered at $102.50 we have two targets. Our first target is $112.00. Our second target is $118.50.
Picked on September xx at $ xx.xx <-- see TRIGGER
Volatility Index - VIX - cls: 39.39 chg: - 7.33 stop: n/a
The oversold bounce, short-covering, bear-market rally in the market today pushed the VIX to a 15.6% decline. Volatility is likely to moderate as investors wait on the next piece of legislation regarding the bailout plan. However, the market remains very sensitive to headline news and political sound bites. Our September 16th position (30.30) has a 25.50 target. The September 29th position (46.72) has two targets at 36.00 and 31.00.
Picked on September 16 at = 30.30 first position