Friday presented an excellent risk/reward long setup in Apple. It had been sold aggressively for three straight days after having reported another record breaking quarter. The magnitude of the sell off was similar in size to what we saw in late February but the speed with which it occurred was far more dramatic.
Thursday’s low about $ 11.50 from the after hours and pre-market highs matched almost exactly the dollar amount as the pull back from 2/24 to 3/12. Maybe that is just my human brain looking for a pattern where none exists but that is what I was thinking during its meltdown through 125 on Thursday.