by Sam Collins | March 19, 2014 1:41 am
Apple (AAPL) — This volatile performer was one of our most successful stocks in 2013. I recommended traders short it on Feb. 28 at $440, with a downside target of $500 to $450. I flipped to the buy side on July 9, with the stock near $410, saying, “All shorts should be covered in light of a possible saucer forming.”
On Sept. 27, I set a trading target of $570, and reiterated in on Nov. 27. However, I got it wrong on Dec. 24, when I raised the target to $600.
The stock gapped down on Jan. 28, and the reaction rally terminated on Feb. 14 at $544, far short of our goal. Since then, AAPL has been struggling as it traces its 50-day and failing 20-day moving averages lower.
S&P still favors the stock with a 12-month target of $590. But this senior technology company appears to be struggling for marketable ideas and the chart is weak. Sell AAPL short at $530 with a target of $500 and a stop-loss at $540.
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