Trade Ideas: TASR, AAPL

Taser International (TASR) moved higher on Thursday and experienced its best volume on an up-day since December 21, 2012. The stock popped right off its 50-day moving average of $8.99, reaching a new 52-wkh of $10.12 on 2.4 million shares. This move pushed shares of TASR into breakout territory, since the stock penetrated some near-term overhead resistance at $9.64.

TASR has been in a steady uptrend since April of last year, but throughout 2013 the stock has been displaying upside momentum and seems poised to once again break to the upside. That trade will hit however, if the name manages to take out some near-term overhead resistance levels at $10.70 with high volume. If TASR, which last closed at $9.80, retreats from current levels, it is likely to test support, currently at $9.45. On the other hand, if the upside continues as it should, considering that currently there is no imminent sign of a reversal, the ticker will be accelerating and could see mid-$11 or higher in fairly short order.

TASR is up 7.69% in the last month, up 13% in the last six months, and up $4.21, or 76%, since this time last year.

Apple (AAPL) had a nice day on Friday as it briefly broke back through the $500 level. The tech giant’s stock spiked this week after billionaire investor Carl Icahn revealed he had acquired a large long position in the company. According to news reports, Icahn’s stake is valued at $1.5 billion. The stock reacted positively to the news and surged to its highest level in nearly seven months. The recent 10% price-per-share gains have boosted Apple’s market cap by nearly $32 billion in just five trading days….to more than $456 billion.

Next month, Apple is hosting a special media event where it’s expected to reveal details of the next version of the iPhone — presumably called the iPhone ’5S. Look for the stock to run into the Sept. 10 event, as the new target on it is up around $505 short-term, and then $511 – $512.

Apple traded for more than $700 in September 2012 and closed on Friday at $502.33, up $4.42, or 0.89%.

Disclosure: No Positions

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