Hi, world! I hope this message finds you well! I am super excited about this upcoming weekend. It’s one of my best friend’s birthday and we are celebrating via a pedal tavern. It’s like a bar on wheels! Really awesome, actually. Then, a student of mine is coming to Nashville, TN and we will paint the town red. He is actually in this trade with me, which is what got me thinking about it.
Here is my 2 cents on Apple Inc. (AAPL). When looking at the chart ask ‘yourself’:
- “Am I trying to pick the top?”
- “Do I have clear reversal signals?”
In my opinion, AAPL is above the 10, 20, and 50 exponential moving averages (EMA). It’s above the 100 and 200 simple moving averages (SMA). We are trading a tad sideways and it could be a distribution phase – allowing momentum to rest. I agree the candle on 9/3/14 is bearish and the candle on 9/9/14 is very indecisive. This is likely allowing buyers and sellers to consolidate.
AAPL is making higher lows and keeping relative highs. Unlike a lot of analysts out there in “internet world”, I would rather trade with the trend than try to pick the top. I’m in a bullish position on AAPL, 100 shares, and a $105 covered call expiring next Friday. If we close above $103.92 I’ll be even more bullish. Targets are $110 and then $118. Since I already got stopped out of my SYMC trade last week, I’ll have more buying capital to buy myself some delicious AAPL.
Enjoy the ride, ladies and gentleman, it could be fun!
