AAPL – Holding
I’m holding onto my AAPL calls. Stocks is $5 off its highs and about equally off its lows. Being the 1st trade on way to 100K, I cannot afford a big loss. That said, I am willing to take a 50% draw down giving me plenty of wiggle room on the trade.
I am looking for AAPL stock to move back into the 575 area where it gapped down from on the 7th. Some slight resistance may be felt around $555, but I don’t see it as a major obstacle. Given the tightening bollinger bands on the hourly chart and the exhaustive nature of the daily chart, $540 should act as a quality support level. Any move below 540 would be alarming and I’d probably look for greener pastures. My bullishness on the short term of AAPL does not reflect any real long term bullishness on the market itself. In fact, after a slight uptick much of the market looks like it will come under further pressure.
At the present, my $3000 is at $2980. This reflects some IV decay from yesterday in the option values.