What did your trading strategy tell you to do about the news that Steve Jobs was stepping down as CEO of Apple?
Buy the stock? Sell the stock? Wait to see what the market does ... then buy the stock? Or sell?
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You start trading a new strategy which has tested well and it immediately starts losing money. What do you do?The market has one of its worst months in years and you do too. What do you do next month?You start trading a new strategy and it immediately starts making an abundance of money. Do you allocate more money?You may think you are in the business of trading. But in reality, you are in the businesss of decision making!
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The 4 Keys to Understanding the Basics of Successful Swing Trading
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Among the companies scheduled to report quarterly earnings on Friday are high-end retailer, Tiffany & Co (TIF | PowerRating ) . Shares of TIF closed higher for three days in a row before reversing lower on Thursday to finish back below its 200-day moving average.
Here are 7 Stocks You Need to Know for Friday
The major market indexes finished lower ahead of trading on Friday as buyers crowded into the bank stocks. Closing higher and nearing overbought territory below the 200-day moving average were financial companies like Citigroup (C | PowerRating ) , Wells Fargo & Company (WFC | PowerRating ) and Bank Of America Corp (BAC | PowerRating ) . Bank of America finished higher by more than 9% even as the stock closed near session lows.
Shares of Apple Inc (AAPL | PowerRating ) gapped down at the open on Thursday, but trimmed losses to close near session highs, pulling back by less than 1%. Read our story on Steve Jobs and Apple here .
Among the stocks pulling back above the 200-day moving average heading into Friday's trading are such widely-traded names as Lululemon Athletica Inc. (LULU | PowerRating ) and Chipotle Mexican Grill (CMG | PowerRating ) . Neither stock is in technically oversold territory despite Thursday's selling.
Electronic Arts Inc (ERTS | PowerRating ) was among the few stocks to gain ground out of the Nasdaq 100. Thursday marked the stock's fourth consecutive higher close and its highest finish in 10 days. ERTS is set to open Friday morning in overbought territory above the 200-day moving average.
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David Penn is Editor in Chief of TradingMarkets.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.