MINYANVILLE ORIGINAL On Friday, my firm wrote, "This morning we got an Approaching Oversold reading for Apple (NASDAQ:AAPL) at $525. Now let me stress the fact that our countertrend has three levels: 1 - Approaching Oversold, 2 - Oversold, and 3 - Extremely Oversold... Can we get to an Oversold level? Yes, but we think this is now (at $525) a high probability trade off of this level. Short-term traders: Use a tight stop off the $518 level. Investors: Only start with ¼ positions and never allocate more than 5% of your total investment account to one position."
Besides getting the Approaching Oversold alert for Apple, we really liked the way the stock sold off down to $505.80 and recovered. We now have the stock up 4.58% this morning. We are remaining long our ¼ position and not adding until we get a rating change. We will alert readers once we get a change in rating.
If you have been following us since we starting writing about Apple, you would have reduced your AAPL exposure at $691 as we mentioned here.
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