AAPL breached $184 with second hurdle at $192



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May 28 2008
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One of the strategies to tell the speculators that they’re screwed with their greediness in making money by jacking up the oil prices is to boycott them. How? Use less fuel or stay at home. That’s precisely what happened during the Memorial Day when analysts predicted that people were going out less and with the summer driving season just started, the consumption of gasoline is closely watched. Oil prices plunged more than $3 to below $129 a barrel.

Almost instantly, investors were betting that the sharp drop in oil prices will help shore up consumer spending – sending shares higher including technology stocks such as Apple Inc, (Nasdaq: AAPL, stock), Google Inc. (Nasdaq: GOOG, stock) and Baidu.com, Inc. (Nasdaq: BIDU, stock). On the Nasdaq, Apple shares climbed to $186.43 while Google shares rose to $560.90. Baidu on the other hand closed at $336.50 well below the resistance of $350.

AAPL stock chartAAPL appeared to have breached the resistance of $184 (now becomes the support) but below the $192 level. It was most fun to see how AAPL hovering around the $184 level yesterday and only after 2:45pm did the stock managed to gather strength to push up above $184. The RSI is gaining momentum and the MACD is about to cross (hopefully). I’m sure lots of investors and traders would love to see Apple cross the $200 a share again. However if you’re holding any Call Options, it’s wise to unload in stages if the stock reaches $192 resistance. The whole damn stock market is still as volatile as before.

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Comments

I’m not convinced that oil prices will go down significantly enough for consumers to spread their money around more evenly. I don’t know if there’s too many wizetrade ‘s out there right now.

Technology stocks like Appple are always volatile, so we must invest carefully.

hello wizetrade … it’s hard not to go out and spend, no matter how high the oil prices go up … you need a tipping point to do just that …

cheers …

hello online options trading,

indeed AAPL has and always will be volatile … this is what we need as traders …

cheers …

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