AAPL Update

In the last post I mentioned the ES 5 min chart may be enough to keep intraday volatility swinging back and forth. I would expect if there was to be such volatility we would probably expect to see a broadening pattern intraday, with deeper lows and higher highs.

The AAPL chart gives some credibility to this theory and hopefully the AAPL weekly calls can be sold on one of the upswings and longer term puts can be entered or just short the stock (which is my preference for longer term positions), at one of the highs.

The intraday vs trend in each timeframe and the short vs long term charts seem to support this as well. I absolutely cannot look at these charts and not be short AAPL, I don't know how anyone could be anything other than short AAPL, they are that bad (weekly calls are a different story obviously).

 1 min  reacting to the latest intraday movement

 2 min seems not to be quite as ugly intraday.

 Look at the trend though, this is the same spot I said I believe the market already topped at this week.

 3 min chart is in line, not so bad intraday.

 3 min chart trend, just falls apart at what I believe to be the head fake/reversal spot.

 5 min chart is positive enough to expect AAPL to see more intra day moves higher.

 5 min trend falls apart with heavy distribution at a break above resistance to the yellow area.

 Longer term 5 min chart, resistance is broken, 3C deteriorates more as it is broken, this is a clear picture of how smart money operates, each new breakout brings retail longs in providing supply for smart money to exit/sell/short.

15 min chart suggests enough strength to see more AAPL intraday swings to the upside.

 15 min chart, 3C's downside momentum increases with every breakout.

30 min chart, $600 is the first level in which AAPL sees major distribution, it gets worse the higher AAPL goes, this is the very simple concept of selling in to strength, we are not use to it because we don't trade in such size that it is necessary. Remember a while back I said I believe AAPL will have 1 major accumulation point and then just sell those shares in to higher prices until AAPL reverses? There it is back in may at the absolute lows, this isn't the first time we have seen it, the point is that since then, there's never been another major accumulation area.