Apple held its annual Worldwide Developers Conference today. Nothing big was reported and the stock was down a bit today. Here’s your trade! (June 05, 2017)

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I want to look at Apple ( NASDAQ:AAPL ) today, here is why: They had their tech conference today and there was nothing really market moving in the conference. They are making some changes, some upgrades to the iPads, a couple other things. But basically it is kind of the status quo, nothing really surprising, which is why the stock essentially traded flat. An analyst, I think it was at Jefferies ( NYSE:JEF ), lowered their rating on Apple ( NASDAQ:AAPL ) just to a market perform, and that was the reason given for the stock to be down a bit today. It wasn’t a big deal. In fact when a stock like this gets a downgrade and all it does is stay in the prior days range, that is actually a bullish sign.

So what I would suggest doing with Apple ( NASDAQ:AAPL ) is, if you are already long just stay long. There is no reason to sell, just stay long. The uptrend is intact, be patient with the stock. If you are looking to start a position I would say right now start buying a little bit. Not a lot, because if you are buying a lot then you are almost kind of arrogant, “I’m buying because I know the stock is going to break out.” Don’t do that.

Buy a little bit now and then when the stock DOES break out that is when you buy more and the combination of the two buys; the one where you are doing now and then you are doing the other one up at 155.00 or 160.00, closer to 155.00 though. The combination gives you a lower cost basis and so now you are trading from a position of strength in the stock. Because you got it while it was still in consolidation and then when the breakout is occurring you are not scrambling to buy the stock. Instead you are managing your position. That is the way I would be trading Apple ( NASDAQ:AAPL ) for now.

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