Apple Inc starts the week off with a bang

BY ANDREW GIOVINAZZI

May 29, 2024

Yo Pit Crazies,

Mark and I talked about the Gamma Bomb this week and getting ready via Weekly Profit Cycles. It seems many of you have liked the message and thank you for coming aboard.

Check out Licia Leslie with here SPX Chart of the week. Our YouTube Channel is growing with weekly market outlooks.

I hope you all enjoyed the Memorial Day weekend. The clam pirates managed a small haul while the sun was shining. Take a look at the red bags of clam loot in the bottom of the boat in the video.

Surprise of all surprises is I wake up Tuesday morning and Apple Inc (Ticker: AAPL) is up $4 pre-market. I had AAPL as a dead stock a few weeks ago and it was dead for just 1 day. It has since moved back up and my put calendars are toast.

6 month AAPL chart

I have to say counting AAPL out is a tough business. The market wants to like the stock and that is part of its personality. $100 billion in buybacks at the top is not hurting either but I figure no sales growth is bad for a big company like AAPL.

Back to my puts because I did something with them.

If a stock is not going down, it is going up

The case for AAPL drifting lower was great. Iphone sales are up 52% in China pours cold water on that. That is what I read this am. Two weeks ago, I bought some AAPL call calendars as a hedge against my put calendars. They did help and now I am long AAPL calls with some junk 175 puts that are likely never to pay. Heck I might even break even.

While that is not a Two Way Trade exactly like in Weekly Profit Cycles, I only want to be wrong for so long in a position and I have to do something, close, hedge or stop. I chose to hedge this one since AAPL started to really move now I will see what happens. AAPL looks like it is going to run to $200 and run with the rest of the market.

To Your Trading Success,

-AG