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SSS - Gravity and the Falling Apple

We have discussed Apple (AAPL) as a short-sale target on this rally right up into the confluence of the 10-week and 40-week moving averages, which have been running slightly below the corresponding 50-day and 200-day moving averages. We also noted the "black cross" in our Pre-Market Pulse piece on Monday morning as AAPL was pushing into the 10-week line. With the stock blowing to pieces here, we have to ask whether all the potential bottom-fishing buyers in AAPL are now in the stock, essentially creating a situation of "trapped longs" in the stock.

The big question now is whether one should hold out for the "hero trade," with the expectation that the stock is going to test its prior low at 505.75, or to set a percentage profit objective. Ultimately this is up to the trader based on their own risk tolerance and preferences. Taking partial profits on the way down may be another way to handle this, but with the stock coming apart here early in the trading day traders should keep their cool and figure out whether and how they will take profits.

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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