Finishing Touches Friday – The November Comeback
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
What an amazing comeback!
It's hard to believe only two weeks ago I had to try to convince people the World wasn't coming to an end and that AAPL wasn't going to $400 or lower.
Now AAPL is a hot stock again and the markets are looking up, up, up – but now I'm skeptical that maybe the bounce is a bit overdone as we haven't actually resolved any of the things we were worried about just two weeks ago (other than AAPL being worth more than $400).
In fact, we did call the turn right on the 16th in "Finally Friday – Maybe Tomorrow the Markets Won't Fall" and on Monday, the 19th, I wrote "Monday Market Momentum – Changing for the Better?", where we first began to target our weak and strong bounce lines.
Now here we are, two weeks later and we've hit all our bounce targets but we're worried it may be just a bit of window-dressing into the November close and we're certainly not going to get too enthusiastic until and unless we come out of the box next week holding our levels. In fact, yesterday we added some very aggressive TZA hedges for weekend protection in our $25,000 Portfolio – just in case…