AAPL trades on a pending bullish butterfly. Although this is by default a bullish pattern the failure of a bullish butterfly almost always leads to capitulation to the following fibs.
The local action we have on AAPL is not typically what we see in the low of a bullish reversal which makes me inclined to speculate on a sharp drop on the failure of the bull pattern.
Wait till he disclosed his next earnings and shows he’s sold more than 10%.
Aluminiumati
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Agreed. Looks weak. Buffer just relentless selling more than 10%. Every rally been a selling opportunity.
seanimize
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@Aluminiumati, Buffet's position was a "trim" he reduced his position by a 1% in Dec, because Apple had bought 2.3% of its shares back, increasing everyone's exposure to Apple by giving them a larger share of the remaining pie. Buffett trimmed the position to bring it back to 50% of his portfolio. You read that right... Apple is 50% of Buffet's public portfolio.
sreenageshu
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Are we still bearish on apple with the closing it gave today "176.08" ?????? Please help me understand
holeyprofit
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@sreenageshu, Yeah still short. We need a bit of tolerance for range/bull traps. Will probably post an update on this when we see how we open.
amaloyz
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i just sold my call scalp, apple is weak, i felt that too. sold at peak today, watching if 173 breaks for puts
actionsetter
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What puts did you buy?
holeyprofit
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@actionsetter, 150 - 160 strike scattered over a couple weeks to 6 weeks. I think it's possible the move will happen quickly but timing is always tricky since the market can put in a bunch of candles sideways doing nothing.
If and when the break comes, it should be strong. So I have some short dated ones for high RR and I have longer dated one so I get paid if I am right but imperfect.