Who needs Thunder Mountain?
Nice post, Andrew.
I've never seen closeup (tick by tick) such a volatile day on the market and on Apple. Everything you said was right on the mark. It actually made me sort of giddy <g>.
I posted to WebDrone yesterday:
I hope that we have an opening spike down tomorrow followed by a lasting up trend. This would afford Apple another opportunity to demonstrate its relative strength. If you are gutsy, it is also an opportunity to pick up Aug 35 calls for less than a point. An uptrend could bring Apple over 35 at market close, even if it is down to the mid-33's early. I'm having fun, and sooner or later, the market is going to spank me.
While I am going to get spanked, right now I seem to be somewhat in tune with this market and with Apple's price movement. This could change at any time!!
I wanted a 300-400 1-day Dow drop two days ago, and I got it. For now, I'm willing to bet this market has exhausted the bears and that a nice, but choppy rally will occur. This couldn't be better for Apple.
The stock has shown surprising relative strength this week (as have other boxmakers). For the last two days, it has fought the tank and has barely declined (I think 36 1/2 when this started?). It's movement today was spectacular!
Andrew,
I'm sorry, but I think Apple will gap up tomorrow if the market opens strong, although the stock has a habit of quickly filling gaps intraday I think we will see 38 as a high by the end of the week. If the market is indeed poised for an attempt at new highs as some have said, I think this will happen quickly (because this is a volitale and dangerous market). It the market cooperates, and with the anticipation of desired new products on the 12th?? and 15th, Apple could challenge 40 by the 15th.
If this does come to pass, then this is a decision point by the players who might want gamble for greater gains. If iMac sales are great, the stock would probably surpass 42 and approach 45 in the first part of the following week as the news is reported.
Mind you, this would be extreme and depend on a raging bull reappearing for the next two weeks. Nevertheless, possible. With a weaker market, I still believe the stock will move up from here. If the iMac sales are not so good, the stock could take a beating almost immediately.
It is a heady time, right now.
Good investing,
Sam |
