Taking profits on the bounce…

We had the market bounce suggested last Sunday in the blog entry below:

What goes down too far too fast bounces…

The market, after a Monday dip, firmed for the rest of the week and is now extended enough to expect a pause if not a quick pullback so, being a swing trader primarily, I’m going flat, taking profits on all trading positions for the weekend. Besides, the Nasdaq Comp, up 89 points on this run, did turn down today (by fifty cents…but could that be a whisper of the sell down to come?).

On the bounce, TQQQ closed up 3.7 percent from Monday’s open, UPRO up 4.7 percent, TNA 4.6 percent, SOXL 3.1 percent, BIB 3.9 percent.  Among the various stocks suggested as buys and in mentioned by name in this link, ORCL closed the week up 3 percent, AMGN up 10.3 percent (how about that!), GILD up 4.1 percent.

And AAPL… Hmm…

So long the leader or at least a significant participant on every swing, AAPL was down 1.4 percent for the week, down even with a rallying market on its side.  May have to take a closer look at it over the weekend.  The company will no doubt go on making billions but the heyday of AAPL’s stock may finally be over.

(Click on the chart for a larger view of the bouncing market on the Nasdaq Comp)

Bounce_Friday_2015-07-31_1639

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