AAPL shares got hit last week on news that sales in China had been impacted by supply-chain problems. I said at the the time that these difficulties would be forgotten by Monday, since that has been the pattern in AAPL for years: ‘Bad news? Who cares.’ In this instance, however, I was looking for countervailing strength in the election outlook to hold all stocks, most particularly AAPL, aloft. Instead, investors showed little confidence last week in their ability to pick Tuesday’s big winner. We’ll have to wait until Wednesdays for the election to have whatever impact it’s going to have. The 151.94 rally target will remain valid unless C=103.11 is penetrated to the downside. We made a small profit on some bullish butterfly spreads cashed out earlier. Let’s do it again, but using a 128.24 rally target that is more realistic. Bid 0.25 for eight Nov 20 120/125/130 call butterflies, good till noon Tuesday, and only if the stock has not traded lower than 107.85, There’s a good chance I will adjust this order, or even attempt to leg on the spread for less than 0.10, so stay tuned to the chat room and your email for further guidance. If you are uncertain about how to execute the spread, review the recorded lesson on this topic on your account page. You should also have ‘notifications’ checked to receive updates in real time. _______ UPDATE (Nov 2, 9:36 pm. ET): The stock slipped below 107.85 in the early going, nullifying our plan. We’ll let it rest on election day. ______ UPDATE (Nov 5, 9:19): The institutional chimps are back, force-feeding tons of Other People’s Money up AAPL’s old wazoo. Its immediate destination is the 127.52 midpoint pivot shown in this chart, but there are no guarantees it will get there straightaway if at all.
AAPL – Apple Computer (Last:119.03)