{"id":19869,"date":"2013-09-18T22:29:56","date_gmt":"2013-09-19T05:29:56","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=19869"},"modified":"2013-09-18T22:33:10","modified_gmt":"2013-09-19T05:33:10","slug":"another-apple-crossroad","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2013\/09\/18\/another-apple-crossroad\/","title":{"rendered":"Chart Review: Another Apple Crossroad"},"content":{"rendered":"

On Monday, I was QUICK to declare “a very bearish breakdown for Apple<\/a>.” Just two days later, the stock has recovered all of Monday’s huge loss and sits on the cusp of a very encouraging recovery or at the precipice of a renewed sell-off. The stock is neatly perched between its 50 and 200-day moving averages (DMA), a potentially pivotal crossroads, especially as it rests right below the open on the day Icahn tweeted his support for AAPL.<\/p>\n


\n
\"Apple<\/a>
Apple on edge<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

As I stated in my previous Apple post<\/a>, the bearish technicals forced me to “turn off” the The Apple Trading Model<\/a> (ATM) and only trade it when it flashes a sell signal. I had to grit my teeth the last two days as the model gave very high odds of up days. I grit even harder as the call options I bought on Friday to play Monday upside barely benefited from the 2-day bounce that delivered yet more validation of the model. So, it was a double whammy of missing out on nice gains. <\/p>\n

Now, the ATM is flashing high odds (71%) of a down close on Wednesday. Moreover, ALL three supporting models (using data going back to 2010) are predicting a down day; the 2011 and 2012 models are predicting even higher odds of a down day. This is where the rubber hits the road as the news and headline cycle continues with Apple’s rollout of iOS7 and pre-order numbers likely to come ahead of Friday’s big days for iPhone 5C and 5S.<\/p>\n

Either way AAPL breaks, up or down, I will return to following the ATM.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long AAPL shares, calls, puts<\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, I was QUICK to declare “a very bearish breakdown for Apple.” Just two days later, the stock has recovered all of Monday’s huge loss and sits on the cusp of a very encouraging recovery or at the precipice of a renewed sell-off. The stock is neatly perched between its 50 and 200-day moving … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[219,512,511,62,1210],"tags":[250,350,1597],"class_list":["post-19869","post","type-post","status-publish","format-standard","hentry","category-high-tech","category-resistance","category-support","category-technical-analysis","category-trading-model","tag-aapl","tag-apple","tag-technical-analysis"],"yoast_head":"\nChart Review: Another Apple Crossroad - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/09\/18\/another-apple-crossroad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Another Apple Crossroad - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"On Monday, I was QUICK to declare “a very bearish breakdown for Apple.” Just two days later, the stock has recovered all of Monday’s huge loss and sits on the cusp of a very encouraging recovery or at the precipice of a renewed sell-off. 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