Daily Plan

Hey,

Welcome back to another Daily journal, keeping a pulse on what is moving the markets.

But before that, a quick recap of levels.

I will not be repeating my levels from last night. However, both the high and low of the day, mostly in both NQ and ES, were within my two levels. See the AM CHAT below.

If interested, read the weekly plan shared earlier.

AAPL level was almost perfect! We rallied from 180 to 185 and then sold off after the WWDC event, back to that 178. The level was again shared last night with everyone who is a subscriber.

Via Bloomberg

Speaking of the WWDC, AAPL announced the new wearable, Vision Pro.

After I saw the presentation, I was impressed by the device (in terms of its potential scope), and I wanted to share some thoughts with y’all:

1. First off, it is not for me. I will not be wearing one any time soon, whether I can afford one or not. But that does not mean that a million more will not buy it, even if they can not afford one.

2. Talking of affordability, it is priced at 3499. There is a strategic reason behind this, and I cover that below.

3. At this price point, AAPL's game plan is to introduce the headset only to hardcore aficionados and not everyday folks. Why? It may be quite buggy and experimental at this stage. This may be one of the most frustrating products by AAPL, and they do not want to alienate a lot of folks as they iron out the kinks. This could take a year or more. The general availability version, I think, will come out in 2025 or later with a price near the 899-1099 range.

4. This does not mean there will not be incremental improvements to this hardware. Whether I like it or not, this is the direction of the urban world. Folks want to be tied down to their virtual worlds and that is fine with me - all this AR, VR, Virtual world. A lot of folks want to escape reality, and this will be an excellent avenue straight down to the heart of fantasy Lala land

5. This is a great, generational product. Now, does it change my view about long-term support levels for AAPL?

6. Not really. I think first off it is pretty expensive. Had this been announced when AAPL was 130, I will be all over AAPL. I think valuations still matter whether you agree with me or not, I am entitled to my view. And this product, while a significant first step, is not quite there. It eventually will, and if it coincides with AAPL valuations being little fairer, it just reinforces what I have been saying - AAPL is the BEST AR and VR company; its Metaverse is far better than META's. I have been saying this for over a year now.

7. Since this is expensive and may not yet be ready for prime time yet, its revenue and earnings impact on AAPL may be negligible. But not for long.. This, as a result, does not change my long-term support levels in AAPL longer term. I may adjust it if and when we get closer to them and share it here.

8. Shorter term, this may be detrimental to META health which is now 270. Or is it really? Maybe it will force META management to abandon their AR/VR money-losing enterprise and focus on robbing user privacy and selling ads?

9. Shorter term, I think this also may help DIS more than AAPL. If you recall, I DIS long-term value, in my view, is at 130-140+, and the stock is now up about 6 dollars from my $85 post. I think DIS benefits from it more at this moment than AAPL.

My levels for tomorrow will be 4291. We are now trading 4272.

Scenario 1: I think the market could digest the AAPL WWDC and may see resistance near 4291 to target 4250- 4270.

Scenario 2: The bulls if can overtake 4291 could see 4310-4325 tested IMO.

In other news…

Folks, on a side note..

I had shared a key resistance level in Bitcoin a few weeks ago at 32000.

This was a good level, and BTC is now down 20%.

It is now trading 26000 dollars. Crypto Stocks like MARA and BITO came under pressure today due to some news on Binance.

I have been saying for years now that the US CBDC will be unveiled in a couple of years. Crypto coins like DOGE and BTC were a ploy to make people accept the idea. These crypto coins are now fairly well accepted by the masses and may have outlived their usefulness.

With COIN at near 60 now and MARA near 9.25, I will say I wanna watch 62-63 and 10.5 respectively which may be resistance.

If they hold, in my opinion (IMO), we may see a test of 55 and 8, respectively.

ZOOM ZM

ZM is now trading at 70 bucks. I am watching 67. I think if 66-67 holds when and if retested, we could see 71-73.

This is it from me for now.

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~ Tic

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