Long

Update July 11 - Apple is the market

Updated

Wanted to post an update, because I drew more support lines after the original post.
Apple showing weakness today.
Will let it hit either the 143.25 price support line or the bottom channel line reversal before taking re-entry.
Original trade plan is still intact.
Always trade after confirmation of the plan, not in anticipation.

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Apple showing strength the day before CPI. I am not risking the overnight hold so I will wait until I get a less risky entry.

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CPI reaching highest point in 41 years is bearish and Apple reacting in pre-market.
I will see if the ~143.3 line is good support or if it will fall below that.

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Since APPL bounced off the support line, I am in bullish position to see road up to 150 again.
Be wary though of bearish sentiment due to bank earnings and CPI Index that can always thwart the bullish movement.

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Good move today. Taking some risk off by taking profit here and closing out my positions. Will keep watch. Still bullish.

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APPL hit 150 and was rejected once. S&P500 Futures is bullish but I have no idea what APPL will do but I am guessing that it won't breakout quite until major earnings.

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As of the rejection, I am long puts on APPL expiring next week. No significant movement yet but price is closer to resistance than it is to support lines I have.
I will sit it through the weekend as its a small position. S&P Futures to me still look right on the upper channel line so I am guessing it has room to bounce back down.

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Can check link below for ES1! Trend Lines

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Honestly, the market can go parabolic in either directions as a lot of other stocks are reaching the contraction point. Trade after confirmation of the plan, and suffering will be minor.

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Good News: Earnings
Bearish news: Earnings / Rising Inflation / China Stocks / World Economy / Suppy Chain / FED Continuously Raising Interest Rates / New Highly Infectious Covid Strain in Asia

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Bearish News: monkey virus

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Market closed at resistance. Fun!

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Appl (the Market) whipsawed and just started nose-diving. Good shit.

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Closed my puts out. Right now no positions as APPL can continue in the channel anywhere. No trading plan for now.

riot4hiatus

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June 2022 - Apple is the Market

by riot4hiatus

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