Mace - 09 July 2009 12:50 PM

My bet is it won’t break below $132.88.

I’m currently reviewing the down channel I have AAPL in (it’s upper wall kept AAPL from staying with the market today). The bottom of it for tomorrow is approximately that figure. If AAPL drops to the 50% line of that channel then the low will occur between 134 and 135.

EDIT: For those that are interested, I’ve been playing with Jing, and here’s a capture I just took. I notice that there is the makings of an inverted head and shoulders there as well, so a strong push above 138 could take us to 142, but I am inclined to believe that as we head into OE week, next week, the likely direction for tomorrow is down. Of course, nothing’s guaranteed, so make of it what you will.

Significance of $132.88 (and 50-day MA) is obvious from this daily chart.

Friday

R4         142.92
  midpoint   141.89
R3       140.86
  midpoint   139.83
R2       138.80
  midpoint   138.17
R1       137.54
  midpoint   137.14
PP       136.74
  midpoint   136.11
S1       135.48
  midpoint   135.08
S2       134.68
  midpoint   133.65
S3       132.62
  midpoint   131.59
S4       130.56

So far aapl is looking strong against an ugly tape…

Another day, another BS move intended to panic the weak hands. I had wondered if we would get a sudden upward move out of nowhere to give the put sellers a chance to flatten their positions. I really am beginning to think that AAPL has become untradable apart from scalping during the middle of the day.

Did we get an accompanying analyst note to lend a shred of credibility to this latest manipulation?

EDIT: I see that the SPY has now fallen like a rock after that initial move. Typical.

wheeles - 10 July 2009 08:59 AM

Another day, another BS move intended to panic the weak hands. I had wondered if we would get a sudden upward move out of nowhere to give the put sellers a chance to flatten their positions. I really am beginning to think that AAPL has become untradable apart from scalping during the middle of the day.

Did we get an accompanying analyst note to lend a shred of credibility to this latest manipulation?

Your suspicion about GS turns out to be true.  It upgraded AAPL, causing a short squeeze.

Mace - 10 July 2009 09:02 AM

wheeles - 10 July 2009 08:59 AM

Did we get an accompanying analyst note to lend a shred of credibility to this latest manipulation?

Your suspicion about GS turns out to be true.  It upgraded AAPL, causing a short squeeze.

****ing ****s.

EDIT: Any idea when it came out? I saw a bit of a spike in the PM around 8.45 ET.

EDIT2: Close prediction 136.31.

wheeles - 10 July 2009 09:06 AM

Mace - 10 July 2009 09:02 AM

wheeles - 10 July 2009 08:59 AM

Did we get an accompanying analyst note to lend a shred of credibility to this latest manipulation?

Your suspicion about GS turns out to be true.  It upgraded AAPL, causing a short squeeze.

****ing ****s.

EDIT: Any idea when it came out? I saw a bit of a spike in the PM around 8.45 ET.

EDIT2: Close prediction 136.31.

Hmmm, seems like the market wants to rally even in face of a bad consumer sentiment number. I think aapl closes closer to 140.

Edit- Of course the market will not turn green until the Geithner grilling is done for the day.

This may also be contributing to the rise in AAPL

Credit Suisse Ups Estimates on iPhone, Mac

I’m sitting on my APPL core position (no pun intended), and don’t really plan on picking up any more at the moment unless the market turns and we go back down to Feb/March levels.  So in this relatively “sideways” market after the rally, would it be a good time to sell some covered calls?  I’ve never gone that route, and am a long term investor, but feel like maybe I could generate some revenue from these shares.  Thoughts?

litespeed - 10 July 2009 09:25 AM

Hmmm, seems like the market wants to rally even in face of a bad consumer sentiment number.

By “the market”, do you mean Goldman?

From Twitter:  King of the Short sellers Doug Kass this was posted
last night

Doug Kass puts on Large bullish position..Shorting SPY puts..right at the high of the day

DK has been pretty good this last year

OK, so we’ve now retraced 38.2% or so from the low on Wednesday. If that is merely a pullback in this move down, then a 61.8% extension from here, takes us to the region of 132.50 and a 100% extension would be around 128.60. The 1.618% extension is something like 122.20, which is in the region of a bunch of other Fib lines from various other extensions and retracements, along with a gap just above there. So, if things get that low, there’s quite a lot of support there.

As to the current high today, that’s where another of AAPL’s retracement levels is sitting at 138.82. FWIW, the SPX has once again crossed below the mythical 877 line.

Been real battles on the indices these last couple of days trying to negate the H&S pattern. The problem for the bulls is that with a negative close on the S&P today it will issue a weekly sell signal for the first time, according to some sources. The daily has already done this a while ago and with a weekly confirmation, next week could get ugly.

But it is amazing how much AAPL is bucking the trend. If the markets reverse, AAPL could soar!

Meanwhile, let’s check into the G8 summit to find out how talks are proceeding….

It appears that they’re looking into stimulus packages.