AAPL Follow Up

AAPL has already run up as much as 12.7% from its 5/18 lows. My opinion on AAPL has been that all the accumulation for a move higher (lets not forget about AAPL's big picture which is very ugly) in the sub-intermediate term, has already been done and was complete at 5/18 so I haven't expected to see any more except maybe some intraday stuff here and there.

AAPL has a macro/micro set up that is ripe for a shakeout, both short and longer term.

 Here's what I mean by "any accumulation in AAPL is already done and was complete at the lows.

 The daily chart shows a price pattern that AAPL has not broken out of, this keeps the bears confident.
A breakout above that level will change some minds.

 Here's a 5 min chart with the breakout yesterday above that price pattern above on the daily that failed and promptly formed a bear flag/pennant, traders expect this pattern to break down so they'll short the pattern early-before confirmation of a break, so just imagine what an upside breakout from both this small pennant and the larger triangle would do for a short squeeze.

 AAPL 2 min incl. yesterday/s move and today's. This has the smell of manipulation by the invisible hand. Why distribute at those highs and then buy at the pennant, if AAPL was serious about moving lower on today's pattern, I'd expect a leading negative divergence, not a positive one.

 The 3 min chart looking at the same areas.

And the 5 min chart-it's not huge, but as I mentioned earlier, I don't expect any more accumulation in AAPL, the period was long enough and has already produced a gain, I'd only expect some middle man stocking up which is what we see often on the short timeframes.

In any case, AAPL is in good position to shakeout a bunch of shorts. I initiated an equity short on AAPL that I intend to hold for the long term, but I also have some speculative calls for a short squeeze move and as a hedge for the core short in AAPL. Three out of 4 of my AAPL calls are in the money, the only one that is not is June because I wasn't paying attention to it. The AAPL equity short is also in the green.