I sold my entire apple stake at $505 on Tuesday. If ever there was ever a sell signal the recent up tick is a classic example of one. Admittedly I didn't sell at the $525 top, but its really hard to figure out a top. Now look at it trading under 500 and all those fools who bought on $500+ hysteria on Wednesday are now looking at losses. I bought my stake at $364. I hope to try get back in at around 470-480 soon. I may even wait until after the iPad3 announcemnt or dollar cost average it for a few months. So far my portfolio is up 10% this year. I don't want to be too greedy and make mistakes. This cyclical bear market is tough one to time. my strategy is to jump in and out and not expose my self too much to the inevitable down periods that occur in a cyclical bear. Any time an analyst starts suggesting you can't afford not to be in the market is time to go to the sidelines. The competition in the TV and tablet market is only going to increase. I don't buy in to this idea that Apple is a complete lock. I'm an apple fan but not stupid like some.
Well, there definitely was a lot of profit taking today. Volume was quite high. I see no reason to believe that you won't get back in at $470. Hell, even a $10 difference can get you a couple of iPads on 100 shares.
Oh... just a thought... even if a person bought in at the $526 top today I still believe they will make some good money if they hang in for a while... so they aint fools yet... but that's just another opinion from some guy on the internet.