Apple trade & other updates

Went long Apple last week at 493, sold all today at 508.7 at market open. Apple has been popping at the open & fading, so took the trend opportunity to close out the trade. Holding into earnings is a huge gamble, so Im taking it easy as there will be new trade setups depending on the results.

Overall SPX is very complacent, with low volatility & mostly bulls. No hurry to do anything now as this basically means bigger & better trades with patience exercised.

Banyan Tree Holdings

Banyan Tree has fallen >40% from its 2010 peak, but recently has been forming a bullish ascending triangle & could be at the beginning of a secular bull. Target price of 0.80 if clears 0.71 & stays above. Short term support/resistance is 0.63/0.71.  Ideally it pulls back to 06.3-0.64 before ramping back up again.

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CHKP

Checkpoint may be attempting an IHNS. Ideally it starts a short term correction soon & hits support of around 45, completing the right inverse shoulder. 43-45 also happens to be its converging 200WMA. On the rebound, if it clears 49.5 & stays above, first target is 51 then 54.

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Apple update

Tom Demark called Apple’s bottom yesterday. He described himself as a timer, not a technician, so lets square up the current technicals for Apple. Its sitting right above its 100WMA & a long term trendline extending from March 2009. Assuming there isn’t another great crisis coming, this can be seen as a strong support. Weekly RSI hasn’t been this low since late 2008 to early 2009.

Short term resistance would then be 505 followed by 529.

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