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  • kmsmith08 kmsmith08 Dec 5, 2012 6:13 PM Flag

    Only fear that I have - could AAPL be the first sign of market correction coming ?

    AAPL was correlating very closely to the market until a few weeks ago. Now, it's almost a contrary indicator, seemingly languishing all by itself.
    However, I think, objectively, it's a harbinger of a 10-20% correction that's coming in over the next six weeks. I am loading up on VXX, XLF, BAC, SHW, HD, WFM, and C puts presently. I am selling all of my call options (other than VXX, FAZ, and TZA) on any gain of 15% or more. Holding stock positions, but using tight trailing stops.
    Have revised my buy target on AAPL all the way down to $425. I'm not short AAPL, unfortunately.

    Sentiment: Hold

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