PPR - Intra-Day Follow-Up on Apple (AAPL)
Our previous cautionary report regarding AAPL had the effect of stopping it dead in its tracks. But as we indicated, AAPL is actionable as a short if the general market pulls off. So far we've seen the indexes reverse as volume rates start to pick up. Thus if one is lookiing to throw out a short position in AAPL as it sputters around the top of its recent price range over the past 2 weeks, the same stop applies. We would like to see the stock break down through the 10-day moving average at 452 and change as confirmation of its weakness.
Fair disclosure: We are short AAPL here but could be in and out of the stock depending on how the rest of the day develops.
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