Looking at the NASDAQ 100 index and its ETF, shown below, it's not much of a surprise that Apple is bouncing big. After the breakout above resistance (which I've circled in green), both AAPL and QQQ zoomed higher, paused, and then retraced their way all the way back down to the aforementioned line (which now serves as support). Yesterday and today, the market refused to go lower than that line, so when in all likelihood is gaps much higher above it, that line's importance as support will simply be affirmed.
I will say, however, that AAPL trading at about $600 isn't exactly a screaming opportunity. The action above that price still looks awfully toppy, and although the people indiscriminantly dumping their shares today probably feel pretty silly, I don't think they have to brace themselves for a launch to $700, $800, and beyond. I imagine AAPL will spend serious amounts of time farting around the $600 level, plus or minus a few percent.
As for stocks I actually do like to trade – - I am, for the first time since James K. Polk was in office – - 100% committed in my portfolio. Am I entirely short? Nope. In fact, I don't even have any big short positions, with the notable exception of FXE, which isn't even equity-related.
I actually am split about 25/75 long/short right now, and what I've done for my beloved Slopers is culled out my favorite thirteen long positions right now for your perusal. Some of them are in classically bullish patterns; others are (very obviously) short-term bounce plays.
And that, folks, will do it for me today! See you at the big FOMC morning!