CG...........Relying on memory, which ain't what it used to be:
Entry.....I was lucky to have turned bullish in the rally of Oct/Nov 2002.....and to have looked toward the techs as beneficiaries....and started buying them at that point..based mainly on the classic TA signals I have always used....
AAPL caught my attention with its fall to new lows in April 2003 on very heavy volume, and its rapid turnaround..... on even heavier volume.....breaking through trendlines and MAs in the process..Started buying ..shares.....on those breakouts.
From then on........AAPL IMHO behaved like a technician's dream...duly testing, respecting, and reacting as it should, to trendlines, MAs, support, resistance, patterns.......you name it.......Never any particular reason to sell that I could see..
Should mention.....and this became more important later on....that I also started playing with calls ...starting mid- and late 2003...(constantly rolling forward, able to pyramid quite a bit along the way).
Getting to the pullback last Spring, I had set a target of around 75 pre-split at the time, but the stock barrelled right through, overshooting to 90, and then moving sideways for about a month. In view of my target, I did not regard a pullback to around 70 as being unusual....lots of obvious support kicking in at that level, anyway...So never considered selling. Kept in the back of my mind that a major topping process could follow a move back to the highs, though......AND did not roll forward any calls, or buy any new ones.....(Got to zero calls before beginning to buy again July/Aug.......after I had dreamed up some new.......higher...... price targets.....this time 60 post-split.....
Present situation kind of reminds me of situation at the first...90......highs last Spring.
That's about it, CG.........Interesting to revisit and think about.......I've posted regularly about AAPL for a long time............think I might go back and reread some of the stuff I was posting last Spring...
Easy to get me started, you see.....Apologize for what some around here have called my my "verbosity"........LOL |
