AAPL update

Well, AAPL had a nice run Monday closing around the HOD. My target to unload was $170-$172. I didn't expect this big of a run on Monday so I closed out half of my position at $168. Obviously there was a reason for this run and I believe it is two fold. #1 a technical breakout. #2 earnings are going to be good. Anytime I can get that run in one day I'm taking profits and thats all there is to it.

So I still have half of my position which I'm comfortable holding through earnings. I'm still up about $2/share. (Some analyst had the balls to downgrade them two days before earnings so AAPL gave back about 4% Tuesday).

The rest of my premises still hold true. Should AAPL fall tomorrow to around $151 or better, I will buy more and in addition will buy puts at the $140 mark. If we trade between $151 and $170 (which will probably happen) I'm just going to sit on this position.

I'm also watching closely FCX earnings in the morning. They usually report fantastic results but the stock always gets killed. If thats the case, I'll be looking for a scalp early on.