Judging from reports in the chat room, subscribers went to town with yesterday’s bullish trade recommendation in this stock. I’d suggested buying on a pullback to 128.19 using a 127.56 stop-loss, but the wide stop-loss proved unnecessary when AAPL bottomed at 128.14, a nickel beneath my target. The trampoline bounce that followed reached an intraday high of 130.42 that would have produced a profit of as much as $223 for every round lot bought near the low. Officially, and for the further guidance of subscribers, I am establishing a tracking position of 200 shares with a profit-adjusted cost basis of 126.32. This follows our rules for ‘mechanical’ trades and includes a partial profit taken on 200 shares at 130.06, the original target. As suggested in the chat room, the remaining 200 shares will beheld for a swing at the fences when Apple earnings are announced after Monday’s close. _______ UPDATE (10:23 a.m.): Apple has taken a large leap this morning. I recommend taking another partial profit at these levels, leaving 25% of the original position. Our cost basis for the 100 shares that remain, adjusted for profits booked so far, is 119.90.
