So far AAPL is finding support at around the 570 level. The indexes are in a technical position to bounce, but so far that is not clear as the market struggles to find support. If we saw a bounce in the market, then AAPL might push up to the highs of the day where we might look to get more aggressive on the short side with the stock. Otherwise the 565.61 low of June 28th would be where we might expect at least an undercut to occur before the stock tries to rally in concerted fashion. In any case, we plan to be nimble on this one given AAPL's extreme liquidity, so can be in and out of heavy and light positions as we work it, but we definitely feel that AAPL's chart indicates a very real, potential LSFB type of set-up in a major market leader, something that may also bode badly for the market at this point. The situation is fluid, so we intend to keep our stops tight here on AAPL, but in any case it will be very interesting to see how this trade pans out, if at all. Remember to manage risk!
Currently we have a short position in AAPL, but that can change at any time.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
