Apple (AAPL) Chart & Earnings Report Date

On June 24 we wrote:

"A bounce seems due in Apple shares and for those having waited to cover shorts or for a good long entry point, now is a good time."

This is the chart we offered at the time:

Apple bottomed a few days later and a few dollars lower, right on that uptrend line shown in red, and is now up 5.5% from our call. 

Here's an updated chart:

We'd participated in the bounce idea via July $400 calls (not diarized) which are currently up over 250%.  If AAPL fails to hold its meagre gains today (+ $1.95 as of this writing), given the market is up almost 1%, we'll book the profit on the calls and suggest anyone else who was playing for a short-term bounce consider doing the same on long positions. 

Apple  reports on Tuesday July 23, so there could be volatility leading up to, and certainly immediately after that date.  We doubt the report will be considered good news, so when we do close the calls we may even roll the profits into a double-or-nothing put position expiring in August or later. 

We're most likely to do so if equities markets keep rising for the next few days, or into the end of next week after Bernanke's semi-annual testimony to Congress on Wednesday and Thursday. 






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