AAPL Update

Yesterday we closed call positions in AAPL that were opened on Friday for triple digit 1-day gains, although I like the idea of some AAPL equity shares long for the next trend (ultimately I think long term AAPL is done and when it provides a good entry and the right signals, I'd be al over it on the short side, but for now we take what the market gives), I also would like to open another call position in AAPL when the signals are right.

I'm seeing recent improvement in AAPL and several of the market averages today so I have to wonder whether we are just taking a little breather and resume moving up this week or whether we have some more to go on a pullback before I would consider a long Call position. The speed in which AAPL has changed tone today is quite impressive, there are still signs that it has more to go, but at the pace I've seen character change today, I'm not so sure today won't be the day to open those calls.

 This flag suggests APL makes a move to the downside and that's what most technical traders will be looking for, I'm interested to see if we do get a move to the downside and volume rises as shorts jump in, whether we get some strong positive divergences. If so and they are strong enough and this happens before the close, I may very well consider that call position today.

 The bigger picture re: a pullback is here on the 10 min chart, it hasn't gone positive yet and suggests there is still more downside in AAPL.

 The intraday 1 min chart, like I showed you earlier is showing initial signs of accumulation.

 The 3 min chart is about in line.

One of the other positive things is this last little corrective move in the market since about 1:30 has seen excellent TICK performance hitting the +1000-+1250 which is pretty big for what is otherwise a corrective move within today's trade.