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Re: cotton post# 18622

Friday, 07/02/2004 11:18:49 AM

Friday, July 02, 2004 11:18:49 AM

Post# of 148054
I pretty much agree with Cotton on this one in terms of where to think about support, but I am a bit more pessimistic as I look at the chart.

You could make money on a quick turnaround trade if it falls fast enough. You could put in a limit buy order around 25-26. If that gets hit in the next week I bet you can turn around a quick profit off a bounce.

Otherwise, you might want to wait until earnings, since how that call is handled will be crucial as to where the stock ends up. I can't imagine it will fall far below 20, but it could wind up around there before this blood letting ends.

Personally, if I was long AAPL, I would exit while the getting is good, though if you are really concerned about missing a run up to 39 (yeah, right!) then just get some mid-August puts with a strike around 28 for insurance. Within one week after earnings, the stock will be wherever it is going and you can dump your puts.



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