AAPL Update

First the market, there are some 1 min intraday positives, I suspect because they are only 1 min, they are more meant to keep the market in a specific spot for a fixed period, usually not long. I don't see any serious examples of this positive behavior moving to longer timeframes to negative the last market update so I think that is still the likely near term outcome, just a bit delayed.

You may recall that I closed the AAPL Equity Short position last week, AAPL was meant to be a longer term short trade, but I'm just not so sure about it until I see what it is capable of, the second question that you have to ask with a stock that was cut almost in half in 8 months is, "Is this the best place for me to deploy capital?" 

It's not about being right or wrong on the direction, you can post that on Stocktwits and grab some props, it's about determining what is the best allocation of your funds, sometimes that's out of the market altogether.

There is an open AAPL July $420 call of some size, in fact a lot bigger than my risk management rules allow for, a LOT bigger, so I obviously see something I like in AAPL.

 AAPL daily, the triangle is the notable feature.

Here's a closer look on a 60 min chart, this is generally speaking, WAY too big to be a consolidation/continuation triangle in a trend, it looks more like a top or bottom, but in this case it's too small to be a bottom of any serious consequence, it may be enough for a 50% retracement of the $700+ to $385 decline and I believe that's what I said, why I closed the short equity and why I think AAPL is a playable long equity position rather than just options.

The yellow area recently is what? And when do head fake/stop runs most often appear? So it would seem AAPL is very close to a move to the upside of some size.

You can see the positive divergence all the way out to a 60 min chart as AAPL made a stop run or head fake, that gives me confidence in AAPL's ability to deliver on the upside.

 The 30 min chart...

The 10 min... I think we've established AAPL's positive character.

Shorter term, the 1 min chart was strong Friday afternoon like many, it went negative earlier like the market and id showing a renewed positive move like I just mentioned in the market, except this is a lot stronger.

The 3 min chart is positive too.

At this point I think AAPL is a decent equity long position right here, it's probably a good call position right here, although we want the trade to come to us so I'd watch for any pullback, I'm pretty sure it will be worth a call position, unfortunately I won't be able to join you.

I think this is bigger than just the market short squeeze, but could play a large role in that.