I’m not normally one prone to believing in manipulation theories, but its hard to argue the there’s something untoward going on with AAPL. Starting to feel like early 2008 with unexplainable (anti-correlation between the real world and AAPL price).
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we can’t seem to catch a bid. I know we’re in the doldrum hours now, but really hoped to hold 244 until 3:00 and hope for the late day rally to get us to 246. Now we just lost 243…
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conshmillo
That’s pretty much what I expected, except I thought it could run up to 247-250 in the morning and then shed it into the close, closing somewhere around 245. It was expected to pull back into the close before tomorrow’s GDP report. AAPL just went down at par with DJIA. Not sure if that is correct english expression but you get my point.
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caruso2323
@conshmillo
I also noticed that AAPL started to trade on “par” with DIJA early in the afternoon, coincidentally with some mild bashing of the Sep 1 event… Yet yesterday AAPL got disconnected from DIJA to some extent…Not sure if it is a conspiracy … lol … The rumours are diluting that event to the point where one wonders if that event is even necessary ! … Although we don’t know if SJ will keynote it, but if it is him I can’t believe that after the glamour of the iPad event, the iPhone, the antennagate event (lol) he would want to brag about an iPodTouch with just that camera that all of us were hoping for last year… There gotta be more than just that for SJ …
The newest rumours sound like this : No iTV, No lala-iTunes , just a social dimension added to iTunes, just one camera in iPodT, no more classic iPod ! … No deal with Beatles, Just that guitare (so no games)… I must admit that the picture is very puzzling… At least the theme “Let’s rock” was more promising ! …
Not saying that I expect a NEW product (even though SJ mentioned it in the last Share holder meeting, I am sure he was not referring to the touch pad), but I would expect him at least to present the road map about the balooning iOs Platform and uniform features being built across those devices such as Time Face as a way of leveraging iPhones …
No sé !
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sworoc
Either way, what a frustrating summer for AAPL. Not that I’m selling anytime soon, but would have liked to get more value out of my shares.
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carlmuck
@sworoc
My frustration is I’m trying to rebuild a position I was stopped out of in the “flash crash” so I booked profit, but my portfolio now shows all this red.
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caruso2323
Who knows what is “Fake” … Wednesday was fake ? or could it be that Thursday was fake …
Futures this morning is UP ,on that feared GDP Friday day ! … You would expect the “last Mohicans – Bulls” seeking a way-out …
I read that Warren Buffet and Georges Soros are buying into this “Double Dip” DIP ! …
So … Whose blood is going to flood the streets ? … Those of Shorts ? or those of Longs ?
Hard to say, because only fools could have remained shorts in the NASDAQ at such low levels…
Some reports suggest that Shorts have covered … So, where would a buying pressure come from ? Those waiting for a decent GDP figure for Q2-10 ? But that is not a meaningful data point… Just backwards ! … It seems to me that the market has lost its sense of sniffing the near-term future !…
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to announce a special event. Lets see if we can get over 243 in which case today engulfs yesterday. Not as bullish as getting to 245 and covering the gap, but I’d take it. Lets see if it can hold up.
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Nicu
the entire market is up, I don’t think is the Apple event, but you know, there may be no reason, just the level of testosterone on the trading floor
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On that day, AAPL hit its 3 year low, 78.20 intraday, the RSI (14day) was 32.8111, yesterday RSI was 32.6, at this moment its 31.6. I just don’t understand the weakness of AAPL given its performance in the real world.
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through noon, looks like we’ve got 2 of three parts of a morning star forming. Yesterday’s ugly day gave us a long black candle. Current action looks like very little upward pressure after the morning drop. If we close in the 242.57-242.77 range we’ll have the doji. Just need to see if we can get a white candle tomorrow (preferrably pretty big!).
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conshmillo
Too early to tell with Existing Home Sales 27% drop announced today. We are at the bearish cross intraday on MACD (15min) so it is hard to tell at the moment where this will end today. Certainly stochastic is getting close to 20% threshold (currently at 27.95%) on dailies. So we are definitely getting closer to oversold levels and possible reversal. Just don’t forget there is GDP report on Friday. It will keep many investors away until it’s out.
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conshmillo
You’ve got your doji, although I would prefer different shape. Hopefully Durable Goods in the morning will provide the white candle.
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carlmuck
@conshmillo
No doji today. The head is even too big to call it a hammer. It’s a hollow victory that the lower shadow is at least a bit longer than the upper. I’m not looking forward to tomorrow, I expect to lose some more on my Sept 250′s.-
conshmillo
@carlmuck
You are right, it looks like doji only on traderhood chart because open is wrong. It happens when yahoo messes with quotes and doesn’t provide all fields. It is using yahoo’s csv for data. If you look at yahoo quotes right now there is no info for open.
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carlmuck
The little chart above here at Traderhood is wrong, it shows the open as 239.97, it wasn’t AAPL opened at 242.67.
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Nicu 3:52 pm on August 26, 2010 632 days ago Reply
For the moment it is rather strongly correlated to the rest of the market. Actually one should expect that after a day when it was stronger than NASDAQ (I think)
conshmillo 4:06 pm on August 26, 2010 632 days ago Reply
I don’t think there is any large conspiracy going on with AAPL. Nolav described nicely mechanics of what is going on every Friday ever since weekly options were introduced. It seems some large funds are just manipulating closing price of this Jumbo Jet called AAPL every Friday to land it close to the round numbers of 10. These funds own huge amounts of AAPL stock so they write weekly options on them (same as they do for monthly options). In order to profit on these weekly options they use price of underlying AAPL stock they own to land as close to rounders of 10 as possible. Reason for this is they only can make money on options they wrote if they expire worthless. So if on Monday they wrote large quantities of weekly calls AND puts for 240, they will keep selling (or buying) their underlying AAPL stock all week making sure AAPL price will land as close to that exercise price as possible. If they can manage that, BOTH weekly PUTS AND weekly CALLS will expire worthless. Apparently it is much easier to manipulate behemoth like AAPL to land on dime at rounders of 10 (exercise prices) on weekly basis than only monthly basis. That’s why we see this consistency. I am not expert to say whether this is legal or not, as they can be selling their stock anytime they want, I am only pointing to the obvious fact that this is happening.
carlmuck 5:19 pm on August 26, 2010 632 days ago Reply
@conshmillo
“…large funds are just manipulating closing price …” sound to me like a conspiracy.