I’ll be the first to say, I tried, like many of you tried, to bounce Apple (AAPL). I bought in on 5/6 at $92.59 and try as I must, I could not get anything out of it. I ended up closing it yesterday, mid-day at $92.90 for a 0.33% profit.
Essentially I gave it four days to bounce, it did nothing… nothing at all. At that point, I was holding a stock that was showing no desire to move higher, despite some favorable trading conditions Friday through Tuesday. When the market started selling off yesterday, I wasn’t going to hold out hope that suddenly it would start bouncing in a bad market when it couldn’t even do anything in a good market.
So in the famous words of Uncle Si from Duck Dynasty, “She Gone!”
And then I started trading today, and I realized just how glad I was that I saw the handwriting on the wall and knew that it was futile to wait this long for a bounce of any kind. And now it is down almost 3% and looking to break below $90. As small as a 0.33% profit is on a trade, it sure beats getting hammered for a 3% loss.
So, now that it has broken some monumental support, where could the bears take this stock and how low can it really go?
Well, check out my chart below and see for yourself.
