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AAPL weak close @ 427.44 (+0.93), even though

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FinancialAdvisor   Monday, 07/15/13 05:04:35 PM
Re: FinancialAdvisor post# 25922
Post # of 25964 
AAPL weak close @ 427.44 (+0.93), even though it was green today, it closed near the low of the afternoon, albeit on weak daily volume, just over half the average it usually gets.

Today's high occurred at 10:39 AM ET at 431.46, right around the 61.8% Fibonacci if we use the 457.10 high from the end of May and the 388.87 low from the end of June, the 61.8% Fibonacci is at 431.03. Also the 50 day MA at 432.82 is just above.

At +0.22% for the day, AAPL basically matched the broader markets as the Nasdaq Index gained +0.21%, initially on the day it was outperforming but that faded with the volume the stock was getting into the close. On the daily charts, the uptrend is still intact. And from the low of 388.87, we have a potential cup and handle formation in play which would target 450+/share.

Max pain this week on options expiration is at 435. Time is eating away at the 440 call I like for a trade this week, and if the stock itself doesn't find a way to gain 2.94% the rest of the week, it's going to expire worthless as most options do. Given today's action, it looks like AAPL is going to need the help of the broader market, even though initially the stock was up 1% this morning when the market was flat giving hope that AAPL may finally be growing legs into earnings...

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