Steve Jobs at WWDC: “I Want to be Like Research in Motion”

I got an advance copy of the Steve Jobs speech at the World Wide Developers Conference.

Apple will be applying for tax exemption, on a religious basis. The cost savings will be used to keep my brain alive when my body can no longer function. Our goal is to take the brainwave pattern in my head and replicate it so you can all be me. I have always thought religion is just a subset of Technology, that is why I named the Company Apple, to tie in other faiths like Christianity and the Apple from the Garden of Eden. Accordingly Tim Cook and my other Apostles will now have the new title of High Priest and expand their duties to educating the world in the Apple way. I will be wearing a pointy hat. If you would like to volunteer to spread the word at one of our Apple transition centers (formerly stores) please come join us, all are welcome. I apologize for the cramped quarters this year, next year we will host the flock at the Joel Osteen center, and he will be taking on a key role in the movement. My speech today will be available on DVD and at iTunes, now renamed iWin, for 29.95 as you leave the building. By the Way, iCloud, stands for I am the Cloud. I look forward to enlightening you from the inside.

Apparently it was a fake, because had it been true the stock certainly would not have been down over $5 on the day. Later I read that it seems Jobs is turning all the iProducts into Blackberries and copying the Amazon and Google Cloud. The disciples seemed pleased noting that this should finally be the Blackberry killer. But tell me why trying to be like the people in your rear view mirror is something to be excited about? Wow! Thanks for only stealing money from 5,000 people to hear that. That can explain the stock drop. But it was already set up to fall.

The weekly chart above gave hints starting in March that a change was coming. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator have been trending lower since then. This can also signal a consolidation so it was not time to short but rather to take some profits. Now the weekly chart shows the shorter Simple Moving Averages (SMA) flattening and starting to roll lower. Switching to the daily chart below shows a descending triangle since March with 4 upside touches and 4 downside support touches in the 326-330 area. I noted last week that this is setting up as a short sale, but I have not gone short yet. The key will be a break and hold below the 326 support. The RSI on the daily chart having problems staying above the mid line and the rolling 50 and 100 day SMA’s tell me that it may be soon. Nothing that was announced today changed that. When it happens I will be buying the 325 strike puts and spreading them against the 300’s when I can get them off to reclaim my full premium. Target will be the 297.24 Fibonacci level. Okay Apple disciples, come at me.

(As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

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