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SSS - Einhorn Talks Up Apple (AAPL)But to No Avail

Apple (AAPL) again got turned back at around the 465-466 resistance level and the top of its two-week range since gapping down after earnings in late-January. David Einhorn was babbling this morning about AAPL being an incredible buy, but it is interesting that AAPL has pretty much ignored Mr. Einhorn, whose comments can often send stocks moving sharply in one direction or another.

AAPL remains a short using the 465-466 level as a short. With the market selling off on heavier volume so far today, and with no "heavy" news causing the sell-off, caution is advised on the long side. A breach of Monday's lows would put in a lower-low and likely lead to more downside, hence we like tehe AAPL short here.

We would also note that Amazon.com (AMZN) is working on a Late-Stage Failed-Base type of set-up as it has now breached the 50-day moving average for the first time since breaking out at the end of December. This is an LSFB short-sale set-up using the 50-day moving average at 259-260 as an upside guide for a stop.

Fair Disclosure: We are short both AAPL and AMZN currently, but may be in and out of the stocks depending on how the day's action progresses. This market tends to act in bizarre fashion at times, and often when it is moving strongly in one direction it can suddenly turn on you, so stay alert and watch your stops.

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.
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