Apple (AAPL) $700 a Matter of ‘When’, Not ‘If’

Not sure why everyone keeps looking to get short. I thought I surgically got nice prices on SPY and Goldman Sachs (GS) Friday, and it’s still hard to make money. A stock like WYNN is up five days and it’s tricky adding to a short in your favor.

Anyway, the SPY held Friday’s low of $146.75 and is digesting well. The low of the day is $146.79, resistance stands at $147.50 then $148.11. If we get below the morning low, the next level is $146.40-146.50. A move to $146 would mark 50% of the move from Thursday.

Apple (AAPL) opened up and put in a pivot low of $694.65 for active guys to trade against. The high of the morning is $699.54. I don’t think it’s question of IF it trades through $700, it’s how/when.

Most stocks are hanging in well and look to resume again. It would be nice if we get some consolidation to give us new pivot entries.

Happy New Year to those that celebrate it, I will be leaving around noon.

Disclosure: Scott Redler is long AAPL, MCP. Short GS (covered around half), short SPY (covered around half)

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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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