Yesterday, I purchased some shares of Apple at around $191/share. I planned on holding these shares for a little while longer than what I did, but after yesterday’s final hour sell-off and the behavior that we’ve gotten out of the market this week (i.e. no certain direction at all), and especially with the unemployment number coming out tomorrow morning, I decided not to risk being a bagholder.
I realize that there is a strong possibility we get a good rally out of the market after the jobs number is announced but there is also a solid possibility tha tthe opposite occurs, and I don’t want to be long Apple in such a circumstance.So I’ve decided to be neutral, meaning 100% cash, heading into tomorrow’s open. So with that said, I sold my long position in AAPL at 194.03 for a gain in which I am happy about. If the market rallies tomorrow, so be it.
My plan is to look at the market’s reaction to the news after the number is released, and then start building a portfolio, whether it be long or short (hopefully short because there is so much downside opportunity in the market still) to reflect the current tides of the market.