Thursday, November 15, 2012

Apple At Pivotal Level

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ITZ posted the following Apple Ex-Cash chart this past weekend Link

Below is a weekly Apple chart, noting the earnings, high & low p/es as well as the Ex-Cash ranges as noted in the above link. Apple tested a key support level today around the $520 / $525 area.

Bottom line we could see some more downside, but the risk-reward is favorable for +50% gains in 2013. ITZ has suggested entry levels as well as trading call option leaps. Current market sell off due to uncertainty over the 'Fiscal Cliff' has presented extreme over sold conditions. Pessimism is high as noted in AAII survey this week LINK

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