Short covering rallies can be very powerful. That said you must respect the movement as it will only later reveal itself. Just tightening up my stops given todays action. Who in their right mind would be buying stocks here is the question I would ask.
I was stopped out of my 2nd unit short of AAPL put on this morning at $92.25 for a loss of $2.5 pts on 1 unit short.
I am lowering my stop on my TWM position to $113.64
I lowering my stop on my original unit of AAPL to $100.53
I am moving my stop on CRM to just above the recent reaction highs just above $32
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit of Ultrashort Russell 2K ticker TWM @ $93.10 stop @ $113.61
Short 1 unit Apple ticker AAPL @ $110.90 stop @ $100.53
Short 1 unit Salesforce.com ticker CRM @ $56.05 stop @ $32.56