The past week we have been blasted with e-mails and comments about Apple’s head & shoulders pattern, how it’s going to $280, blah, blah. This stock is a fave of the MoMo boyz and the leveraged set, which is a reason for the volatility, and why, if your treader, you can’t bet the ranch and need to protect your capital when it behaves poorly. A big run-up into earnings usually sets up almost a sure bet of a sell the news correction. Not this time.
Shorting into earnings is death. Apple is the best company in the world, in the best space in the universe, and the leader of the new global economy. iPhones with creative apps can be turned into an EKG monitor. Innovation is our only hope.
A close today above 351.54 would be above the lower closing high and negate one big technical negative and probably take the stock up to test its all-time high of around 365. We’re in an ugly macro/great micro market. Stay tuned. (click table for better resolution and here if table and chart are not observable)