Do you care to elaborate why you're thinking so? What is your time frame for $65? AAPL looks so overbought ...
AAPL is at all time high, there is no resistance levels on a company that is a leader in its field. With only 5% of the computer market and the christmas season on the way sales could be through the roof. Earnings sometime in January.
OVTI is a sell into the gap. Bullish technicals? OVTI is doing what the rest of the market is doing and that is showing you a BLATANT price pattern that you should've booked already. Think like a trader, not an investor--you want to buy paper or sell it after such a price pattern trading into a known resistance area? Think big.
You're right: it's risky to buy now. It's always risky to guess reversals. There is a clear bullish divergence from June's low, as well as it is a clear downtrend started end of 2003. Depending on the time frame you like to trade you could see a different picture. I remember an author writing that it's great to trade weeklies, but you have to do it without watching the dailies. Dr. Elder was writing something similar: if you're trading daily charts, you have to resist the temptation to exit based on the intraday charts.
Joke: There is no resistance above me, but still I can't fly ... Another one: Newton discovered his law of gravity being hit by a falling AAPL ... I like AAPL for all what it brought to us and to its industry, and I have a lot of respect for Woz and Jobs for bringing it to us.
Following up: it's widely accepted that when looking at multiple time frames you should use a factor of about five: monthly, weekly, daily, 60 min, 10 min, ... It's also noticeable that the shorter the time frame the tighter are the envelopes, maybe by a factor of 2-3. This makes option trading more suited for longer time frames so that slippage is less of a portion of the thrust, and delta is still large enough without going too deep in the money.
Is there anybody here following "Tharp's Thoughts"? http://www.iitm.com/Weekly_update/Weekly_244_nov_02_2005.htm#feature