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AAPL Intraday Updates (Archive)
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... But what I see as more important than the moving averages is the downtrend from the summer 2008 highs. If AAPL can breach above, I think it will be upwards going for quite some length, maybe $180, if fundamentals stay good and Iran doesn’t erupt into civil war.
The critical price zone is $155-$160 as pointed out by Tommu_UK and cramar. Breaking above is bull rally to over $200 and breaking below would be months of pain. $180 is not a major resistance.
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... I think the market in general will correct massively in July and will drag AAPL with it and I assume the 20EMA may become then resistance rather than support. JMHO though.
AAPL has either completed wave 1 or near to completion. The ensuing wave 2 has retracement from 23.6% to 99%. In other words, you’re right that AAPL would correct massively soon if it has not started yet. Refer to EW thread for detailed :innocent: tea leave reading.
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Stay Hungry. Stay Foolish. - Steve Jobs
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I am not disagreeing with everyone’s TA analysis and we could have a break out to 180/200 etc,etc.
However, I just don’t see AAPL rallying when the market corrects massively, and that’s what I referred to. If we would go sidewise, that’s a different story - like today. But if the market plunges, no way AAPL can go higher. IMHO.
Edit: Also, look at the volume today and yesterday. It was below the average yesterday and today is really slow! When we declined to 132.88 it was above average for a couple of days.
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“We hang the petty thieves and appoint the great ones to public office.” - Aesop
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... I think the market in general will correct massively in July and will drag AAPL with it and I assume the 20EMA may become then resistance rather than support. JMHO though.
AAPL has either completed wave 1 or near to completion. The ensuing wave 2 has retracement from 23.6% to 99%. In other words, you’re right that AAPL would correct massively soon if it has not started yet. Refer to EW thread for detailed :innocent: tea leave reading.
Mace, in your last EW post you said wave 2 (best fit) is completed and now in wave 3 but here you are saying wave 2 is starting. I don’t understand.
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... I think the market in general will correct massively in July and will drag AAPL with it and I assume the 20EMA may become then resistance rather than support. JMHO though.
AAPL has either completed wave 1 or near to completion. The ensuing wave 2 has retracement from 23.6% to 99%. In other words, you’re right that AAPL would correct massively soon if it has not started yet. Refer to EW thread for detailed :innocent: tea leave reading.
Mace, in your last EW post you said wave 2 (best fit) is completed and now in wave 3 but here you are saying wave 2 is starting. I don’t understand.
You should read both the counts. Wave 1 completed (best-fit count), wave 1 almost completed (preferred count). The statement below best-fit count about wave three starting is a question not a forecast, 20% ret is too shallow for completion of wave 2.
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Stay Hungry. Stay Foolish. - Steve Jobs
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nearly a 4% trading range today in Spank on America who announced a preferred conversion based on a simple moving average common price of $12.70. Me, I expect something of a short squeeze on the shorts that aren’t covering over the next week or two because they don’t realize that the primary motivator for the BAC (and C for that matter) is arbitrage. Read BofA’s press release on the matter.
Why does this matter to AAPL people? Because BAC is a tail that can wag the market as we saw last week.
Disclosure: I am long BAC and other banks as well as AAPL.
Mmm…. the gentle palpitations of a squeeze.
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Black Swan Counter: 9 (Banks need money, Jobs needs a break, Geithner has no plan, Cuomo’s grandstanding, .Gov needs a hobby, GS works for money, flash crash, is that bubbling crude?).
For those who look, a flash allows one to see farther.
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My other concern is that once we hit, or get close to $150, analyst might come out and raise concern or downgrade the stock based on valuation/price and current economic situation. And if it’s only to get the stock down so their clients can get in cheap.
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“We hang the petty thieves and appoint the great ones to public office.” - Aesop
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I think we will see in two or three weeks when earnings season is upon us where the market is headed.
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