An AAPL a day . . . (June 30, 2012)
AAPL
I’m Dan Fitzpatrick at StockMarketMentor.com on Saturday, June 30th. In this video we’re going to look real quick at Apple ( $AAPL Inc ). This has been consolidating for quite a while, over a month here, with a little uptrend. It’s been oscillating around the fifty day moving average. Here’s the thing, if this wasn’t Apple ( $AAPL Inc ), and we didn’t have an earnings release date in the middle of July, this is not a stock that I’d really be trading at all. I would just be watching it, but since it is Apple ( $AAPL Inc ) it’s something that I want to be trading. It was up nearly fifteen points on Friday but since it’s almost $600.00 it’s not that big of a deal, it’s Apple ( $AAPL Inc ). So what are we doing? You look at the weekly chart and this has been really a mess. It is still well extended above this forty week moving average. Think about this, this is where support is along this moving average, right now that support is at $488.00, let’s call it $500.00. Apple ( $AAPL Inc ) could fall eighty five points and still not be in a troublesome position as far as the uptrend. So this is a stock that is still well extended. I think at this point honestly, it’s more of a traders stock than an investors stock. The reason I’m saying that is if you’re an investor you should have been in a long time ago. If you’re not you’re probably not buying it at the best time over the long haul. If you’re looking for a trade into earnings this is a stock that you want to watch because it’s just not going below about $565.00 or so. With that as your stop I think you start building a position in Apple ( $AAPL Inc ). Watch this thing to start tracking along the upper Bollinger band. If it does not do that then maybe you’ve got an issue on your hands. Frankly, I think if the market remains strong, and I’m talking over the next week or two, I’m not talking about Monday or Tuesday. I’m looking out over the next couple weeks. As long as we don’t get a massive sell off, which I doubt we’re going to get, as long as we don’t get one of those, I think Apple ( $AAPL Inc ) is going to start trickling up into earnings. It should push above $600.00 well before that time. Then as far as how we traded around earnings, you know what? Let’s just get into the uptrend first. Okay, members to the weekend update. I’ve got a lot to say about our little short covering rally and various other things as well. So get over there now. Free Chart