Apple (AAPL) Finally Triggers Short Below $419 Pivot

Apple (NASDAQ:AAPL) finally triggered short below the $419-420 pivot this morning and is down almost 5%. I’m glad it didn’t happen premarket because I, along with others, was looking for that additional cash flow short. It went as low as $403.67 and I took the trade as it happened quick. Now I will visit on earnings next week. Another level of support is $396, then $380ish.

On Monday I blogged about a potential brewing set-up in AAPL: Could Apple (AAPL) Provide a Trade Near Earnings? Here is an updated chart on AAPL after today’s action.

(click to enlarge)

This morning, a very negative pre-announcement from Cirrus Logic (NASDAQ:CRUS)–a supplier of components for the iPad and iPhone–that triggered the extreme weakness. CRUS is currently down almost 15% on the day.

Disclosure: No position in AAPL. Traded AAPL today but currently flat.

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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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