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Apple Inc. (NASDAQ:AAPL), namely its impending iPhone upgrade, could play a major role in market direction this month. Rival Samsung’s recent issues and the decision to stop sales of its Galaxy Note7 smartphones will hurt the company over the near term, as this is going to be a major inconvenience and their customers may replace their current devices with Apple products.
Sure enough, demand for the upcoming iPhone 7 has been strong enough that T-Mobile US Inc (NASDAQ:TMUS) CEO John Legere was able to report “the biggest pre-order in T-Mobile’s history.” My Momentum Options subscribers and I recently closed a bullish TMUS position for a slight profit, and now I’m looking to give it another go.
Buy to open the TMUS October 48 calls (TMUS161021C00048000) for a maximum price of $0.90.
Shares traded up to $46.29 on Wednesday and just missed holding $46 and the 50-day moving average. Resistance is at $46–$46.25. Support is at $45.50–$45.25.
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