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We Warned About Being Long Apple Up Here

May 7, 2008 10:06 PM

I have repeatedly said to chase AAPL up here was very likely a mistake. The risk/reward ratio up in this range is poor, at best. I have been head faked on a possible reversal on AAPL earlier. This time could be real. There simply is zero reason to be long AAPL above $180. My motto is, and always will be, let others be the Long Ranger and challenge highs. Let them assume the risk - it isn’t a good trade or investment.

It made a possible reversal today and EXTREME caution AAPL here. It has to clear $188.20 to be long, and even then we have $202.96 to contend with. There is simply zero reason to be long it here. You could short it under that number, but keep in mind, we have to get under 1383 to pressure the overall market, IMO. I also mentioned that is AAPL does not have another huge product in the works, this year, the stock is overvalued, and is going down. While that is always a possibility, I would rather never guess on the future. Let other’s guess, and let others be the Lone Ranger, and your returns should be better the market. Far better.

There is no firm number that has to hold on AAPL above $144.54. It may and try to hold around $160 here, maybe.

Written by Tom@StockBlade.com · Filed Under AAPL 

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