With March Nasdaq futures down about 20 overnight, you can see that traders are figuring that the news of Steve Jobs medical leave will be adding significant downward pressure on AAPL and thus the index.
Jane Wells just sent a Tweet about analysts thinking. (She works on air at CNBC…it’s a cable tv info-tainment network.)
I’ve seen AAPL down more almost $30 intraday. If AAPL is down $20-$30 tomorrow, this poses a great opportunity to employ Victor Sperandeo’s 2B Reversal trade intraday if there is substantial weakness. If you’re not long, read the tape and wait for the intraday reversal, and then go long.
If you’re long, and you can’t take the uncertainty, you first loss is your best loss.
(click for larger image)
The long trend line runs through $330, about $18 below Friday’s close of $348. Support looks to be around $320 and then at $300. I’ll see about updating this post with an intraday chart.