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Heck of a time in AAPL these days. Most folks are looking at 520 for a bounce as that is a longer term support/resistance level. I"m looking at the 525-ish level as that is a volume shelf...if that is lost, she's going even lower.
The next real volume shelf on the daily timeframe is down around 415-ish. I'm daytrading only right now...but might start looking at some puts if we get a bounce (and if that bounce looks weak). I'm not looking longs here until I see some consolidation at a decent level.
I keep the CNN pre-market page open in a browser, which is where I caught Cramer's comment about AAPL today in a sidebar (essentially sell because its better to pay Uncle Sam a buck now than 2 bucks later). Never learned to like Cramer and not sure who is going to be affected by the President's apparently renewed claim to tax those with relatively significant disposable cash more, but Cramer's opinion IMO is at least consistent with the recent decline.
On Friday, AAPL fell into the volume shelf and started moving into the below volume pocket. Once it moved into the volume pocket, I expected it to head much lower...but it bounced and bounced big intraday heading up ~20 points from the low.
I'm looking for a further move up and a move and consolidation over 555 has me interested in a Long position for a swing. If we lose the 500 level to the downside, I'm interested in putting on a Short swing via puts.
Without a close and hold over 555 or a close under 500, I'm only looking for daytrades.
That was the Boehner bounce - the entire market bounced after the "constructive talks with the President"
remark. AAPL might have cracked the 500 downwards, Boehner saved AAPL, for now.
A nice hammer candle w/vol indicates a move up short term.
I know people (investors...) who kept on buying on the way down now desperately hoping to get out at
break even.
