Thursday, September 07, 2006

Trade of the Day - Apple Computer Inc. NASDAQ: (AAPL)

As per last night's watch list, yesterday AAPL tested its $70.00 pivot point in late day trading. This morning it gapped up in the pre-market. It held the pre-market low in the opening minutes of trade and then started heading north. My entry was $70.52 and I booked 50% of my profit as price rallyed up to test Tuesday's high. I closed the position just above $73.00 on some weakness in the mid-afternoon. As I mentioned last night, $70.00 was a long standing pivot point. I find that pivot points of highly liquid stocks offer great trading opportunities!

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