We are looking for a rally in Apple’s (AAPL) stock, in addition to Pinterest (PINS) as both stocks push off the 50d and 21d moving averages respectively. Price action in these candidates warrants attention, along with price action in FANG stocks, that have been consolidating for 6 weeks.
Summary
Apple (AAPL) Rally?
Look for Apple to continue Wednesday’s bullish performance today if QQQ and SPY hold current levels. (AAPL) has 15.17% of its gamma expiring this Friday which may reduce volatility next week. Look resistance at $120 and acceleration in hedging if the hedge wall at 120.00 is breached to the upside. Market makers will be forced to buy stock to hedge their positions.
Pinterest (PINS) Added
Pinterest was added to IBD’s SwingTrader list Wednesday. As with Apple, we are looking for follow through if the indices cooperate.
Buyers stepped up yesterday at the 21d moving average. RSI turned up with price action remaining above 50 in the process, confirming the 7 month bullish trend is regaining its composure.
Added as a half position on Nov. 11 after follow-up to reversal from Nov. 10. Strong move through an intraday area of resistance. Entry on SwingTrader at 59.53. Watch for elevated RVOL today (>1.50).
Moderna (MRNA)
Moderna (MRNA Pre-Mkt. 84.61 +2.80%) announced the completion of its Phase III study after the close.
Buyers showed up at the bullish 9ema. Look for Moderna to follow through. Volume is increasing and above average.
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Happy Trading,
Vinny
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