Apple (AAPL)

By JC Parets Thu, Jun 3, 2021

We’ve been trading defensively lately, and that isn’t changing as today’s Chart of the Week is on the short side.

Growth stocks continue to underperform with new 12-month lows for large cap growth stocks relative to large cap value and new 16-month lows in small cap growth stocks relative to small cap value.

And with all the Bearish options activity in ARK funds (which are basically the poster children of growth stocks) we are looking at shorting Apple (AAPL) this week.

We are short in AAPL below 128 with a target of 82.

Again, this is only if the stock is below 128.

There’s a lot of downside here to cash in on once we’re below that 128 level.

Til next week, good trading,

JC Parets

About the Author

JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.