We cashed out some profitable butterfly spreads pegged to a still-viable 151.94 rally target, but there’s no rush to put on the position again. To be sure, AAPL remains capable of reaching the target in the weeks following a Trump victory. But as I tried to make clear here and in the chat room, the stock is unlikely to take off until investors are pretty confident about this. Things were edging in that direction on Friday after Biden got hit with some damning charges concerning graft and corruption that made him and his family distrustfully rich during his 50-year career as a politician. But the reaction so far to the news, which has been covered only by Fox, has not been strong enough to light a fuse on Wall Street. Athough the smart-money guys who manipulate AAPL for a living may seem bold at times, they are in fact wussies who would not dare make the slightest move unless they are certain the headlines or story of the hour will support it. For now, let’s see how much further they take the stock down before we jump on some more bull spreads. ______ UPDATE (Oct 29, 10:25 p.m. ET): AAPL’s quarterly results in China disappointed, and that will put some drag on this otherwise unstoppable bull-market engine. The negative report will be forgotten by Monday and will have no effect in any case after the election. Stay tuned, since Monday’s edition may contain suggestions for leveraging the gusher-of-relief rally that will happen if Trump wins.
AAPL – Apple Computer (Last:115.05)