Eye on an Apple Bump
It's a bit of a dull start for the week. The headline battles are raging between Apple (AAPL) and the resignation of Pope Benedict XVI, which seems about right. I'd like to think the Pope influences more people on a day-to-day basis than Apple does, but I can't say it with any real conviction.Apple (AAPL) -- Daily Source: StockCharts.com View Chart » View in New Window »
Apple bulls really need a non-sell-the-news event here. The cycle in the past has been a run higher into any event, then a selloff beginning in synch with a presentation. Given dwindling expectations for Apple, maybe the trend can change this time around. The daily chart shows a shot at a near-$500 price tag this week, so the en vogue trade has been the $500 pin. I tend to agree with it, especially on the risk-reward basis of a $495-$500-$505, or $490-$500-$510 call butterfly type of play....236 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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