With Uncertainty Out of the Way, Apple (AAPL) Bullish on Long and Short-Term

It’s been a crazy 24 hours for Apple Inc. (AAPL) investors and traders. Those who saw the news last night were watching it go by down 7% percent or so. Some traded it after hours around the recent support of $355-$358.

This Morning did a video with Jill Malandrino from theStreet and we mentioned buying it on the open for a push to fill the gap. (see chart below)

Stock has been holding higher all day with the volatility in the SPX. We see a nice wedge forming. Short term, if it gets above and stays above $372ish on a 30/60 minute basis, we can see a gap fill to go positive.

In the Macro chart you will see a big Wedge/Pennant pattern forming that is controlling the complexion. Stock will need to break above $378-$380 to get real momentum. ALL IN ALL- looks good and it took the news in stride.

(click to enlarge)

(click to enlarge)

Disclosure: Long AAPL

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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