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Change in Bias
- Apr 30, 2012
- 1 min read
Just before Apple (AAPL) reported their quarterly numbers, I said to my partner, “This report can make or break this market”.
In fact, AAPL single handedly turned the entire tone of the market as investors moved aggressively back into equities on better volume.
For the past few weeks we had been expecting a mild correction, possibly 5% to 7%. We stated our strategy was to remain on the sidelines until the trend line in our behavioral model started heading higher.
Well, the trend line is heading higher.
We decided to take profits on our short positions and moved money off the sidelines for the first time in over a month.
Joseph S. Kalinowski, CFA
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