Enough about Apple for a while.
If you were nervous (I was), today was your day to lighten up. Sell the whole thing. Get short. I know it was wrong to sell into the panic last week because I have been the guy panicking. Today though is another story. Today, even Elon Musk, says Google ($GOOG) will win it all in mobile.
Take a look at the panic that just ensued and the relief you just got today.
If we spend any amount of time below $500 at this point, I am pretty sure Apple has problems and the overall market as it exists today has problems. In the meantime, we will likely have a lot of positioning.
More important as of last week the real story is Baidu $BIDU and China. The stock has been a no brainer, even as China has imploded. Not anymore. If you follow me on Stocktwits, I even shorted the stock at $105 a weeks ago (it worked).
Take a look at it. You don’t have to be an expert to feel the weight of it. It’s been HEAVY.
Today Apple bounced huge and Baidu just sat broken.
What’s it all mean?
This is just a difficult time to be long. If you are on margin, you should be using days like today to back off heavily.
Everyone is talking about Obama, taxes, Greece and Apple. I think China is the story. We all need China now. It will just be easier to make money if China is not imploding.
My pal JC has a great post up on the technical picture in China.
Timothy Taylor got me thinking about China further with this post on the economy. I am with him on this point:
The Chinese economy continues to have enormous momentum toward a much higher standard of living
Now that a bit of the panic is rid from the system it’s a better time to think…chime in of course.
Disclosure – Long Apple and Baidu