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Thursday, May 24, 2012

AAPL Intraday Volume Analysis

TraderFlorida wasn't around this morning, but this is what he would have said:

Look at the first bar of the day that failed to hold the previous day's high.  This represents 1.06 million shares of overhead supply.  The first attempt to take it out again had only 472k.  Not enough volume.  Then another attempt with 338k - not enough.   And finally 243k.  There is just no volume to take this thing higher.  That's why I reshorted as soon as the breakout failed.   For trade only.   With Greece and all the uncertainties, who would hold longs over the long weekend?   I know I wouldn't.  Market hates uncertainties.

UPDATE:  AAPL is toast.  Get the jelly out!  $6 for the day so far. That's pretty descent for a day trade.  Ah ha, I just love this.  If the low of day is taken out, I will add to my short.  With that being said, have a good one!

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