AAPL Intraday Updates (Archive)

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    Posted: 08 November 2010 12:16 PM #16

    Heard this little rally is from Ballmer buying AAPL </snicker>. Fun watching a dinosaur stuck in the tar pits.

         
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    Posted: 08 November 2010 12:53 PM #17

    Markets are still lower and unmoved from the gap down open. Greenback still up and Euro down on renewed debt fears now focused on Ireland and Portugal as costs to insure debt rose to new records. However commodities and precious metals are modestly up while oil is down, with Nat Gas up 3.40%. AAPL holding to gains.

    Traders on the sidelines may be growing impatient with the trend up and starting to buy in the market.

    DJI 11390.40 down -53,25 points at 11390.8 down -0.47%

    SPX 1220.53 down -0.43% and sitting on year highs and steady.

    NDX flat to slightly up +0.06% outperfoming the market.

    VIX at 19.05 up 4.33% a bit down from opening but shaking off complacency from the market.

    USDX up 0.71% on continued weakness of the Euro at 1.3887 down -1.08%. FXE -0.89%.

    XLF now completely reversed to down -1.03% while BAC still holding to gains up 0.81% on possibly bottoming after late last week, litigation surrounding $352 billion of claims against the bank were dismissed

    AAPL now 318.88 and threading on a close range around $319. Volume on the lighter side at 5.3 million shares traded. Intraday lows 316.76 and highs 319.62. 52 week high at $320.18. SMA 7 $311.65 and upper Bollinger at $321.12.

    Very quiet movements on a shallow dip at open bell, with sideways movement working out the overbought condition of the market. Volume is on the light side and without much economic news throughout the week, we may have a disciplined technical outcome without dramatic moves on the markets. Hoping for that and AAPL holding to its gain and moving higher from here.

         
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    Posted: 08 November 2010 01:40 PM #18

    Lunch time for some, markets are slowly drifting higher, recovering from the gap down at open. AAPL holding nicely to gains.

    Nothing to dislike from today?s action on the markets calling it a normalized corrective move, or better normal-moveout correction a term used on the oil industry with a diverse meaning. This is what normal markets ought to do when technically overbought. No dramatic moves, just a shallow pullback and gentle sideways drift.

    DJI at 11,401.96 down -42.05% or 41.71 points.

    SPX 1222.34, down -0.30% but slightly over breakout over April highs, then year highs.

    VIX 18.80 up 2.96 trending lower than the earlier highs.

    USDX 77.10 up 0.53 but showing very early signs of heading lower while FXE -0.72%

    AAPL $319.05 still holding to gains and on earlier tight range. Volume at 5.9 million shares.

         
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    Posted: 08 November 2010 02:04 PM #19

    I’d love another AAPL correction to buy in, but that’s the inner 2-year-old trader talking.  Little guy’s still in the timeout room whining about why I have LEAPs instead of weeklies. 

    Seems like the current ride may be able to last at least another year if conditions are right.  But that’s a big “if” there, so I’m keeping that “dry powder” in reserve for now.  Still chastened by my recent stock market haircut.

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  • Posted: 08 November 2010 03:11 PM #20

    Does the current price action look like consolidation before the next breakout.. Thoughts

         
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    Posted: 08 November 2010 03:51 PM #21

    Slowly drifting upwards to flat. Looks boring but promising; a normal-moveout correction. In order to breakout higher, markets have to work out of the overbought condition. Nothing like a sideways movement after a shallow dip to do the work on a overextended market trending higher. Just be careful if momentum wanes.

    Same action is probably working with AAPL after its pull-back to $300s after earnings. That was the entry point for this later run up. A normal-moveout correction for the stock that is presently flopping sideways on a given range. It should breakout higher from here, however would wait until the fact to add to position.

    USDX 77.11 up 0.55% and Euro a bit higher at 1.3927 down -0.79%. FXE -0.87%.

    DJI 11,399.86 down -45 points or 0.40%.

    SPX 1222.20 down -0.29% still on the three little duckies.

    NDX flat up 0.01%. Qs pointing a little higher to up 0.09%. XLF down -0.84% with BAC up 2.95%

    VIX 18.43 up 0.93 going down steadily. May be good for stocks short term.

    AAPL 318.88 still threading on a tight range and holding to nice gains today. Volume very light at 7.1 million shares traded.

    Now for the final hour and what surprises the machines have in stock (hmmm).

         
  • Posted: 08 November 2010 03:52 PM #22

    thealct - 08 November 2010 07:11 PM

    Does the current price action look like consolidation before the next breakout.. Thoughts

    Are we looking at the lowest volume of the year for Apple?

    I too am conflicted about what to do here?

    Not able to break resistance here concerns me. Are we looking at a 300-320 trading range?

    All the good news has me holding here despite my better judgement.

         
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    Posted: 08 November 2010 04:14 PM #23

    bick - 08 November 2010 07:52 PM
    thealct - 08 November 2010 07:11 PM

    Does the current price action look like consolidation before the next breakout.. Thoughts

    Are we looking at the lowest volume of the year for Apple?

    I too am conflicted about what to do here?

    Not able to break resistance here concerns me. Are we looking at a 300-320 trading range?

    All the good news has me holding here despite my better judgement.

    The DJI is also showing very low volume on this pullback, less then half from average volume. Maybe this is fine if we are working on technicals. Players want to see more before committing. Would keep your careful approach even though you are not alone on holding out excitement.

         
  • Posted: 08 November 2010 04:25 PM #24

    BrazilNuts - 08 November 2010 08:14 PM

    Players want to see more before committing.

    Thanks for your input.

    Seeing some strength now…

         
  • Posted: 08 November 2010 04:31 PM #25

    My guess is traders are on the sidelines awaiting 320 Break with conviction (Volume)

         
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    Posted: 08 November 2010 04:32 PM #26

    AAPL just benefited from a late print.

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    Posted: 08 November 2010 04:55 PM #27

    It looks like the world bank has some pull, gold set an ATH today over $1400/oz. Should be a pretty short run to $2000.

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    Posted: 08 November 2010 05:10 PM #28

    Bullish on the normal-moveout correction that should lead to higher prices when done. As expected markets moved out of earlier lows and threaded sideways but slowly erasing losses on a boring but welcome no-news good news trading day. Volume was very light on this pullback comparing to much better volume on upside days lately.

    With a 1 trillion Euro backstop, renewed woes on Ireland and Portugal debts were not sufficient to turn markets lower.  The greenback is up for today and the Euro down, nothing changing from the open bell. With commodities, oil and metals running higher this may sign the upside move on the dollar might be overdone. Technicals pressed the market lower.

    DJI closed at 11406.92 -37.16 points down -0.33%;

    SPX at 1223.23 down -0.21, protecting earlier breakout to higher highs.

    VIX flat at 18.26 with a down bias.

    USDX at 77.17 up 0.62% on the average of this session. Euro at 1.3918 down -0.85%.

    AAPL holding to gains closing at $318.62 up 0.55%. Volume probably very light, maybe lowest of the year at 9.7 million shares.

    Tomorrow also light on economic data with Wholesale Inventories at 10:00.

    With the lack of catalysts, expect more sideways movements. This would be a great way to work out technical hurdles.

         
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    Posted: 08 November 2010 05:46 PM #29

    CHART OF THE DAY: Here Comes The Year-Three Presidential Rally

         
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    Posted: 08 November 2010 10:17 PM #30

    Decided to sell all my AAPL at $319. Feel like there may be a small correction coming before a run into the end of the year. Almost all is in tax-free or tax-deferred accounts so no cap gains.
    Worst case is I buy back in at a higher price. Best case - a lot of dry powder smile

    This is the first time in 5 years I have not directly owned any AAPL. Maybe I have a share or two via mutual funds

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