A lower priority update looking at some constructive charts of non-precious metals items for anyone interested. These might be considered along side some of the semiconductor items we have been following.
This morning I had an extended interaction with Apple’s customer care people and I have to say that this remains a first class outfit from that perspective. There was a really weird Apple ID glitch I had going on that was tied to an old Mobile Me account that was set up when I got my Mac. I never used Mobile Me and as it turns out it was a clunker for Apple.
But it was messing with iCloud and Apple ID functions on my iPhone and finally I decided to contact customer support. The first lady I talked to helped as far as she could and then bumped me up to an IOS Senior Advisor as soon as she realized the problem was complex. All I can say is that I have no diminishing of respect for this company. She took the time to go over the problem from several different angles until we finally cornered the little bugger and fixed it.
For an investment view of Apple, Ashraf Eassa checks in at SeekingAlpha with interesting Apple-Google valuation gap analysis. Apple is one I’d go long again in the future without hesitation, if and when I get a setup.
As for the chart, I’ll be interested to see what AAPL does as it closes this gap. It’ll probably depend on what the market does at its own decision point, which we looked at in an NFTRH update this morning.
Tree Wedge. The Apple chart broke a trend line this morning and is now in free fall toward some Fib retrace levels that would act as support. I traded this several times and noted it here, so I thought today was relevant for an update. I am not currently interested in AAPL unless it gets to a 62% retrace, which I certainly think it can.
So I am going to buy it here and see what happens. This has been a great trading stock for many weeks now. Stop is obviously a loss of support.  AAPL shears through the 450’s and I take a loss. It is as much due to the macro (read: T bond yields, etc.) as Apple-specific.
They are talking about iPhone duds and analyst downgrades in Apple (AAPL) this morning. That’s fine because I sold it well below the 540 measured target (another example of not being greedy working well in this market). This one has proved to be a great trader. If support in the 450’s is registered and if the macro market is constructive at the time AAPL could offer another long trade. Then if it hits 530 to 550 one day as expected, it could be a good short or put buying opportunity.