Monday, June 4, 2012

AAPL Follow Up

 AAPL may test intraday support, but volume is rolling off which is where we often see accumulatio, especially in a flat-ish environment.

 AAPL 2 min from confirmation to a leading positive today

 The leading negative 3 min AAPL divergence on 5/31, a reason I closed the AAPL June calls to preserve those profits of 131% and as you may recall, I was looking for a pullback to roll over that position to July. The chart went from a leading negative on 5/31 to in line with the pullback to a positive divergence building in.

 The 5 min AAPL negative at 5/31, then in line on the pullback and a positive divergence building in. I think most of the AAPL accumulation would have already taken place over the last several week so I don't expect to see a huge positive divergence on the pullback.

The 10 min chart is now seeing the shorter timeframes bleed through, I like the upside confirmation, the negative on 5/31 and a large relative positive currently.

I could have been a bit more patient, but I do believe we'll have the Merkel/Barrosso press conference in the next hour or so.

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