Pulled out of my Apple trade today at $145.67 as I feel that the its due for a pull back to the lower support level around the $139.10 level. Will look for reentry once that pullback occurs.
If it doesn’t then I will enter back in once it breaks the resistance around the $147.09 level.
I believe all the news is pretty much out and based on the past patterns with AAPL it has almost always been buy the rumor and sell the news. Sure, Steve Jobs is back and in better shape again to run the company and that is good news. Plus I’ve also been getting mixed rumors about whether Apple will release any new products on the developers conference. If they don’t, it will be a huge disappointment for the markets especially when the Palm Pre is coming out around the same time.
I am still bullish on this stock but I just want to take profits in the near term and will wait for reentry around the 139.10 level or above the $147.09 level.
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