Apple announced today that it has already sold 1 million iPads, coming in less than a month after it was launched. Wow. As pointed out in the press release, that means it took less than half the time it took the iPhone to get to 1 million (74 days).
And as an experienced trader and investor, I know to watch the reaction to the news rather than the news itself. Apple, a stock I’m accustomed to seeing up $10 or $20 in short swatches of time, is only up $6 (2%). That seems like a lot but in the Apple world, it’s quite a pedestrian gain. In addition, on the chart, it looks like it’s struggling to take out a new high (around the $267 level). Watch this development carefully. If it fails to take out a new high today or tomorrow, I think it’s time to book profits.
Disclosure: I was in Apple briefly earlier in the year, but I unloaded my Apple stock around the $230 level. Doh! But sometimes you can’t get greedy.