AAPL
It appears $AAPL has triumphed over the feared 'COVID-19', and rallied back to pre-quarantine levels thus making the coveted "V shaped recovery"
However, something about it just doesn't feel right. There's a surge of retail investors FOMO'ing (or YOLO'ing) into the market on Robinhood with their stimulus check, so fundamentals
aren't always the most dependable lately. Even so, I don't see there being much hard data supporting the rationale behind this latest rally. They've got increasing competition in the market, but I think by end of Summer the whole market (at least tech) is going to take a punch to the gut as reality sucker punches everyone into stepping back and taking a breather.
Based off of some pretty imaginary lines I drew- lets call them "Fibonacci Support/Resistance lines"- I'm calling for $AAPL to start dropping down ~13-15% to around that $300 level. Leveling out right about a week
before their Earnings Report. It's around that time CNBC will remind people that "these are those low points that smart money accumulates, you dumb poor bastards". Cramer will come on and with his harsh, coarse voice thats been hardened from years of crack cocaine addiction and ruthlessly trading in the bullpen, remind us that as King of the Autists with his wise thinking, a dip down to 300 is an amazing opportunity for anyone dumb enough to consistently follow his advice. Maybe he'll talk about how Apple isn't going anywhere any time soon. IDK. But what I also don't know, is that AAPL very well could just be squeezing on everyone's ass.
By the time we get the Earnings Report and its made its way down twitter , through the pipes and landed in r/wallstreetbets to be emotionally & sexually abused, days will have passed and earnings successfully pumped up yet another classic stock.
as you find yourself thinking "I actually listened to that crazy fucker Cramer for once and shits turning out solid"- reality will prepare to fuck your shit up, like a cop approaching a black mans car late night during a routine traffic stop.
As we start to see our torn and shattered portfolios glow with the unfamiliar color of Green, it'll be hard to understand that this price action back up to $335-355 into the Sun was only done so on the backs of Earnings Report volatilty.
At this point all hell breaks loose and we start going down. And down. Perhaps we'll ride it all the way to one of those fancy lines i drew and settle around $250price range.
If America hasn't been lost to debilitating pandemics, murder hornets, the boomer generations lack of acknowledgement to systematic oppression or one of my favorites Seasonal Quantitative Easing by the Fed, this could play out to be a lucrative entry point for trades.
*** Not financial advice. I could be entirely wrong from the start. I could also see different variations, like AAPL just shooting straight down $250 without many bold attempts to recover.
Also ignore the Purple "Cypher Pattern" and any credibility it may give off- I dont understand enough about Elliot Wave to confidently use it, but the chart tool is fun any easy to use to map out possible corrections.
I'm going to give this little setup a shot in a trade, but hopefully I maintain watching it closely, as I usually don't mess with this bigger market cap'd shares.
And I hate Apple products so F*ck them!
Happy Trading,
Cheers
Trade active:
damn Fundamentals, this is why I often enjoy the volatility of Crypto over Stonks.
Due to my blinding ignorance, I was unaware of the conference Apple was planning on announcing news at. Many of you know I'm sure, that at the conference they announced their plans to break away from Intel and develop their own processors for Mac's.
I purchased Puts for this position-thankfully they still have a few weeks with expiration @ 7/24.
Going to keep a watchful eye on this, but likely try to hold with diamond hands on this position, as this could very well turn into a "Sell The News" situation by the end of the week. However I don't plan on holding my breath, at least not for too long.
Good news is that i have a few SPY Calls purchased as well, so if AAPL continues to rise those calls should print.
Happy Trading!
Due to my blinding ignorance, I was unaware of the conference Apple was planning on announcing news at. Many of you know I'm sure, that at the conference they announced their plans to break away from Intel and develop their own processors for Mac's.
I purchased Puts for this position-thankfully they still have a few weeks with expiration @ 7/24.
Going to keep a watchful eye on this, but likely try to hold with diamond hands on this position, as this could very well turn into a "Sell The News" situation by the end of the week. However I don't plan on holding my breath, at least not for too long.
Good news is that i have a few SPY Calls purchased as well, so if AAPL continues to rise those calls should print.
Happy Trading!