Can We Trust Apple (AAPL) Anymore?

Right now the market is very hit or miss and not easy to trust, in my opinion. I feel the same way about most stocks right now, as well.

Banks are standing out today after a few of them set up well in the last couple weeks. It appears the fact that the market bought the Citigroup (C) news sparked the rally in the sector.

Bank of America (BAC) blasted through $10 and went as high as $10.56 in the last few minutes. Now is the time to trim and trail the position based on your personal trading time frame.

JP Morgan (JPM) and Wells Fargo (WFC) have some mid-level points to watch. JPM could get momentum if it can clear and hold above $41.50ish. WFC has the same type of pattern, and the key level there is $33.25-33.35.

Apple (AAPL) got hit very hard for numerous reasons today. The Wall Street Journal contacted us to comment on the AAPL sell-off, and you can get our view on it there. I came in long AAPL and got stopped out around $563. Obviously it was not a good trade, but it could have also been much worse.

Apple’s Halo Cracked
Wall Street Journal
“The correction was faster and deeper than most traders expected,” Scott Redler, chief strategic officer at, said in an email to MarketBeat.

Amazon (AMZN) is still acting well and continues to be a market leader.

Google (GOOG) is holding okay. As long as it stays above the $680 area, I feel the long trade might be intact.

Disclosure: Scott Redler is long BAC, JPM, YHOO. Short SPY. Traded but flat INTC, DDD, AAPL

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

Visit: T3Live

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