After Apple delivered strong earnings, the stock advanced +9 percent to the 208-handle. I made the move to acquire heavily discounted AAPL October 19 ’18 Puts with a cost basis of .33. The chart below shows resistance at 207.79 (2.618-extension measured from 2015 high and 2016 low).
As of late July, S&P 500 companies had repurchased $107.4 billion of their stock during the second quarter. Apple alone accounted for about $20 billion, or 20 percent of that amount. If buybacks persist, then Apple could tag the 225 (3-fib extension), otherwise, if not, then a fade back to 200 would be possible.
Disclaimer: Consult your financial professional before making any investment decision.
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