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most at nexusfi.com (formerly BMT), look to make their millions in futures. Okay. Simple Simon met a pie man and that pie was Apple. Trend is down until ...........?
An 18 years old American born girl of Iranian parents (USA citizens) was denied an iPad at an Apple store in Texas because of sanctions on Iran. State Department stated there are no legal basis for this Apple's action.
Interesting that the girl spoke in Farsi to a relative when at the cashier. The cashier asked about the language spoken, and she said it was Farsi. The cashier then said sorry we can not sell you Apple products because of our directive on countries under USA sanctions.
Another country under USA sanctions is Cuba. Can you imagine no Spanish speaking persons could buy an iPad for speaking Spanish.
We're in the middle of a short-term range amid a pullback in a long-term up-trend. Earnings come out tomorrow, so buying options is going to be expensive. There will probably be resistance around 643 ($40 from here). I do think the quarter will be good, but there weren't a lot of major product launches during the quarter to provide a positive upside catalyst (just Retina-display MacBook Pros), but production throughput is improving and market penetration continues to increase. I'm inclined to be a seller of premium here ahead of the news as I don't think we'll get a big definitive move after earnings. However, the July monthlies expire this Friday so there might be much theta premium left to sell here unless we go out to August or later. Front-month IV is 54%, August is 37% so I might look at doing a calendar spread to take advantage of this skew. The Jul/Aug 625 spread would cost me $5.85, with a break-even at 630.85 by August expiry as long as AAPL stays below 625 after this Friday. That level is still below resistance and people start positioning their holiday/Christmas positions in August/September and AAPL usually runs well into the holidays. Also, they'll be well into the back-to-school season of the year.
Well, I ended up sitting on my hands. While I'm overall bullish, the market sentiment is getting so negative, global growth is slowing, and I was afraid AAPL wouldn't meet the usual rosy expectations, which was correct, so I didn't do anything. I guess I should have short it or bought puts, but that's historically not been a good move so I decided to do nothing. I still think Oct-Dec the stock will run nicely as long as the world isn't melting down. I'm now looking at averaging into a bullish long-term position on current weakness.
