Thursday, July 05, 2007

AAPL Surges

Last Thursday under my Charts Of Interest Post, I showed a chart of AAPL and its symmetrical triangle formation. I actually bought a call option on AAPL as it broke out of the triangle.

My upside objective for this trade is 136 based on the widest part of the triangle added to the breakout point.


brd said...

This was a very nice triangle formation. I added to my position as it went through 125. That was a very powerful day as it did above avg volume on the shortened session. Today's gap-up and close near the high of the day on bigger volume looks just as good.

Kevin said...

yeah, this was a very symmetrical triangle...A thing of beauty wouldn't you say? Ok..ok..I know, I'm staring at these charts too long!

Gary said...

Often these triangles are followed by a move roughly equal to the preceding move. I wouldn't be taking profits on this one until at least $150 TO $155. You could have a 10 bagger there. The market is strong the COT reports are very bullish. If previous cycles are any indication this market has at least 5 to 16 more weeks to go before the next correction. AAPL isn't going to fall apart unless the market is also tanking. Be patient and let your profits run. You already cut your Q position way to soon don't make the same mistake again

Kevin said...

Hi Gary,

One of the reasons why I got out of my QQQQ position is because I knew I still had AAPL long...

If AAPL gets to my objective I'll take the option is doing very well. good luck

10:24 PM


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