SSS - AAPL Fails from a Cup-with-Handle Base

Published : July 25 2012 at 10:39 ET

Despite what the usual group of suspects is saying on financial TV, Apple (AAPL) is not a buy here, and looks more to us like a gap-down move through the 50-day moving average on what is a late-stage failed-base (LSFB) type of short-sale set-up, using the high of today at 580.80 as a 2% upside stop from current levels around 571-572 as we type this.

We have a short position in AAPL.

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