If you think trading over internet is fun because it gives you the freedom to basically trade anything under the sun and moon, wait till you get yourself a smartphone and able to trade anything anywhere – provided you’re within the coverage of either WIFI or 3G. Can you imagine you’re out of town and WIFI is not available while dial-up is no longer exists even if you’ve your notebook connected to land-line but you need to trade stocks or options?
Thanks to Apple iPhone you can now buy to open or sell to close your positions. Ever since I got myself the iPhone 4 I’m practically can’t live without the gadget. And due to the long holiday such as the Chinese New Year, you would kick yourself for not being able to connect to the internet, especially when you’ve open position or you foresee there would be opportunity to get into the market.
Of course there’re other smart-phones which are Android-enabled but because it’s based on open-system, the security of the applications developed are in question. And for that reason many trading companies release their trading application for iPhone but not for others.
Anyway, ever since Dow Jones climbed above 12,000 points and technology stocks were having fun going up north, the pressure of selling has been building up, especially when the Dow registered positive gains for 8-day consecutively. The latest poor earnings and guidance from Cisco System Inc. (Nasdaq: CSCO, stock) and Akamai Technologies (Nasdaq: AKAM, stock) started the consolidation phase. Cisco and Akamai stocks plunged 14% and 15% respectively end of the trading.
What better excuse or reason to sell than such a pull from Cisco and Akamai. Did anybody notice the heavy buying of Research In Motion Limited (Nasdaq: RIMM, stock) shares yesterday? Wondering what could be brewing.
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