SSS - AAPL Testing 200-dma
Apple, Inc. (AAPL), which we first suggested as a short closer to 340 two Mondays ago, is testing its 200-dma and currently dipping just below it. A clean breach of the 200-day line on heavy volume would be a second short point, and we would look for yesterday's high at 330.30 to be our max upside stop. We have a position in AAPL.
Under Armour (UA) is also breaking off the peak of a possible right shoulder in a Pinhead & Shoulders formation. The max stop here would be the 50-dma at 68.60. We have a position in UA.
NTAP and LULU from earlier this morning remain in play and are working for now. We have a position in NTAP.
The general market continues to weaken, and a high-volume reversal here would likely bring the mid-March lows into play, so VoSI members should be cognizant of where the market indexes and any short positions are trading at as we approach those levels since a reflex rally is always possible and if you are short you want to be ready for this, ready to take profits and cover if a rally ensues, not sitting back on your heels as you begin to tally up profits. Remember to set price objectives and upside stops depending on your own expectations for the trade and risk tolerance/preferences. Stay alert!
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