Rough action out there today
Today wasn't the first time and won't be the last that I've dug a hole for myself to trade my way out of, but my month to date numbers have turned today. Which is a shame because I had some nice and highly profitable trades earlier in the month. My goal, as always is to beat the S&P each month. My month to date performance is underwater in reference to the S&P for the first time since mid-July of last year. I did spring back nicely from that point and for me the key was to use the down days as a buying opportunity. I did more buying today, but the afterhours action in AAPL and EBAY are indicative of a market with an extremely bearish bias and I'm now concerned about being long in this market. I have not yet dissected AAPL's call, but EBAY's really doesn't strike me as anything other than moderately conservative guidance (the kind that keeps analysts expectations reasonable).
I'll be looking at charts tonight - my emphasis will be focusing on sectors and areas that have shown some strength through all the selling pressure of the last two days.