Monday, October 14, 2013

$AAPL and the debt ceiling

Just wanted to put up a quick post this morning as I am watching $AAPL after a great close on Friday. Pre-Market is down about 1% after a weekend of people relaxing and over thinking things. Yes, it's another day of a government shutdown. Yes, there is still no debt ceiling resolution. But we all know these politicians love to hold out until the last possible moment.

That is why I was looking for a quick rally and gap fill right out of the gate from $AAPL. And got it. The Pre-Market drop didn't seem warranted given the lack of change or information over the weekend. And with this strong open, I am going to be looking for a break about $495, which is the top of my wedge. After that, any positive news out of the debt ceiling talks will drive $AAPL over $500, as well as rally most of the market.

Happy Trading.

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