(Updates story from 10:17 a.m. ET with information in the last two paragraphs.)
NEW YORK (TheStreet) -- Why wait to panic, let's do it now. The last thing we want is to be late in panicking, which might result in selling or shorting Apple (AAPL) at a price other than the very bottom.
Maybe you were a little excited and bought near the top? It's not the time to repeat an emotional investing mistake and sell the bottom. That kind of investing is called buying high and selling low, the opposite of what you want to do.
I understand it's not easy to maintain a position while every other guest of CNBC is talking about Apple and answering questions about how long the selling will continue. CNBC did have a guest on after the market closed that if you missed, you'd wish you would have watched. I paid close attention to the price of Apple and CNBC after the financial show announced Tom DeMark with Market Studies was making an appearance.I was especially interested in what DeMark would say because I was nearing the end of my research on this article. This article's primary catalyst was Apple's daily chart producing a TDCombo 13 today. I tweeted what I expected DeMark to say about Apple.
Robert Weinstein@RobertWeinsteinWhen DeMark began speaking on "Fast Money," Apple was trading near $486 a share. By the time DeMark finished talking about Apple making an expected bottom either today or tomorrow, Apple moved up and over $490 a share, about 1% in a minute or two. Rocco Pendola wrote a must-read article about the latest Apple hit piece Something Is Terribly Wrong, Just Not With Apple. I expect more from The Wall Street Journal, and so should you. The good news is that you likely experienced the worst of the insane decline. Not because the Journal had it wrong, which I will get to in a moment, but because the stars are lining up in a buy direction for Apple. Fundamental analysis and chart-ased market-timing lead me to believe now is the time to add or enter into an Apple bullish position.
Thanks! RT @RobertWeinstein: $AAPL chart makes TD13. Not a buy signal, but I believe Apple selling pressure near end. Posed for move higher
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