The AAPL Short

As posted in the Trade Report earlier this week, I went short 300 shares of AAPL at $89.20. This was done mosly as a hedge against my new long positions (MOS, USD SIGM, USO), and I was a bit nervous about the trade since it was showing good relative strength versus the market.

However, it also had broken down below the 50 day moving average and pullback back on less than stellar volume. It was one of the few stocks I could short that weren’t already depleted. The trade has worked out quite nicely, and I took profits today.

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