So much talk regarding AAPL last week. IMO, all because of Cramer. There is no way around it, the man has the Soap Box to move certain aspects of the market, especially individual names.
I completely agree with the man on AAPL, and since he provided the catalyst to its upward momentum, here is how I plan on playing it. (I was going to wait for the momentum to start then provide this post, but Cramer quickened the process.)
I do not plan on selling it until the weekly charts tells me to sell it. When the Red line of the Slow STO moves above 80 and lingers for a week or two, I will sell some.
AAPL is cheap (was cheaper before, but in relation to its growth still relatively cheap). And with Friday's move, IMO, it started its momentum upward. Despite being overbought, on the daily, its attractive valuation and breakout will allow it to keep rising, while consolidating its overbought position as it rises. (this can happen)
With this in mind, I will be day-trading it, buying Jan 2011 AAPL 210 calls on any downward move of the stock.