We have been discussing how the $93 level in Apple had to break down to push the dumb money out of the trade and cause the most pain. Before Apple could change gears and start to rebound. We can see that happening over the last two weeks. You can see the above average selling volume near these lows, this is where the weak hands (traders without a plan) are puking out of there position, right when it looks its worst. It has one last final push to get the rest out than what happens.....
Smart money comes to play, and gets long, now all of those weak hands are going to try and chase apple. This is not a trade we would take, we focus on set ups. You just have to remember people buy and sell stocks more off an emotional reason than a justifiable one.
Have a game plan and know your risk reward!
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