Betting on a Big Apple Move

It's another week of fast and furious action on the earnings front, and none is bigger to the markets than Apple (AAPL), due to report Monday night. We're also set to hear from energy heavyweights Chevron (CVX) and Exxon Mobil (XOM), but they generate about as much excitement as does taking your cousin to the seventh grade dance.

Apple (AAPL) -- Daily Source: View Chart » View in New Window »

Apple's chart is slightly bullish at the moment, but I am focused on the 21-day moving average, which has acted as support or a turning point on shares. The upside potential for Apple looks to be in the $550-to-$555 area, with support at $500. If the stock fails at $500, then my focus will be on $478 as the next level of support. Options are pricing in about a 6% move, and I want to take that into consideration. Lately, the big names have revolved around their straddle price. An open above the straddle pricing has tended to result in a strong session, while an open below the pricing has seen weaker intraday action....172 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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