Why should AAPL be Sold Before Earnings!
We all know and love the gadgets that AAPL, Inc. puts out on a regular basis. Although I am a PC guy, who does not love the look and feel of the newest IPOD or the user friendly nature of carrying around a sleek IPAD! These items are not just functional but beautiful and are a status symbol for the cool in all of us. But you know what, as a technical analyst and trader none of that matters to me. What matters to me is how the charts shape up and where is the heaviest resistance and support.
So when this tech, nay stock Giant reports this afternoon, usually around 4:30 pm ET I will be nowhere near my computer and trying to trade this thing. I will let all of the fundamental bullies buy or sell AAPL a million times over and let the stock come to my most important technical levels.
I have a long history of trading this stock, in 2008 alone I traded over 16 million shares of AAPL, and it used to be wonderful to trade after earnings. Nowadays as the price approached Google-esque numbers, the spreads are too wide, the swings to viscious and the reward:risk ratio just unknowable.
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