Teeth gnashing moment: I would have bought a nice amount of puts a few days ago, but all my capital is with brokers who don't do puts ... ah well, let's see if it indeed drops to 460
Yesterday was a real let down, but I've stopped crying now, so am able to blather out my 2 bits once again... Anyway, I'm not just saying this because I'm still Long, but 570 might be as low as she goes. The latest talk is the stock is still cheap PE wise, they have tons of cash, no debt, and this should be seen as a buying opportunity for the new product releases coming in the Fall. I go more by charts than fundamental talk (figuring it's reflected in the price anyway, so there's no need to try and figure it all out!), but I don't see this dip as doing any real damage to the uptrend or consolidation phase AAPL's been in as of late. We'll see what gives soon enough. But I ain't closing my Longs just yet!
Yeah - this one could close the gap by Friday. Who knows. Wouldn't surprise me. I closed my [now] ATM puts and rolled lower; also closed >600 strike credit spreads; then sold 575c and 580c weekly against Aug 585c. Also short 580p against 570p. I also am long Sept 560p against 545p. Also long Aug 560p against 555p. If it rallies will close short leg and maybe convert into bull put spread. Net short a few delta. Plan on legging in and out, and changing strikes accordingly to lean in the right direction ST. Overall I think AAPL might see <550 given we are heading into a weaker seasonal period, i.e. August and then September. I am still not sure if we rally first (i.e. NDX which I am long delta) or crack lower after AMZN tomorrow. We are at a TL on NDX and I "think" today might have been a re-test on that TL. Thus if we don't hold above same that would be a precursor for lower prices <2500. Of course no one knows for sure with AAPL; lots of cash, still good PE etc. etc. But I think the "street" might see this as a "crack" in the 'invincible' AAPL armor and some might not step up to buy until its marked lower.
Good luck with all those trades! I have quite a few more AAPL Bull Put Spreads expiring in August, October, and January with Strikes as low as 500 and as high as 660. Assuming AAPL's Uptrend continues, it should just be a matter of good or bad fortune with the timing. The weekly chart tells me 550 is certainly possible, but I don't think the last higher low of 522.18 will be undercut to wreck the uptrend. AAPL just has so much going for it right now. Anyway, all will be revealed soon enough...