Wednesday, May 30, 2012

AAPL Update-Closing June $540 Calls

The June $540 Calls did well at 131% gain, but I'll be closing them and looking to roll them over to July on a pullback.


 AAPL has done well today, I have expected that the final move will be led by Tech and AAPL, I may need to re-confirm that, but that is what I have expected. AAPL is near resistance right now .

 The mid-term strategic view shows a strong 60 min positive divergence, longer term primary trends in AAPL look horrible, but it can and I believe will bounce before making the next leg lower.

 This 2 min chart shows what I believe to be market maker activity, pulling AAPL back to accumulate and as of now 3C is in confirmation with the move, this doesn't mean it can't pullback and still be in confirmation.

 The 3 min chart shows the exact same activity.

It's the 5 min chart that needs to catch up and this last AAPL move up looks a little too parabolic unless short covering is causing it. I'll close the June Calls and look for a pullback based on the parabolic move and a probable pullback before a break through resistance that should cause short covering.

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