Reducing My Apple Stake by 2/3


Apple LogoThis really has nothing to do with any negative news I expect out of Apple, rather, based on just how garbage the market has been, I am starting to lose faith that Apple can remain buoyant surrounded by such an awful market.

I managed to get out early today at $90.00 (a market order, so such an even number was a surprise), before the stock and the rest of the market took a big dive.

The major factor which is getting me out is the strength of the US dollar. It is getting close to a 1.30 exchange rate, with my average exchange for the purchase of the shares in the 1.13 range. This means my gains in the exchange rate are pretty much making up for any losses in the stock. I am reducing my stake with the expectation that more buying opportunities await near the bottom of this market which I don’t think we have hit yet. Also, as the market does improve, the exhange rate should become more favourable for buying USD instead of selling them like I plan to.

Its a testament to the strength of Apple’s business that I have managed to pretty much break even on their shares in such a horrible market.

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