As I indicated yesterday I picked some more AAPL longs on my dip buy triggers.. perhaps a little hasty but with AAPL being down 11 of 14 days now, including this morning’s grape rape, I do expect a bottom may be put in within the next few days; and there is a greater fear of missing out getting aboard the Cocaine Express to Nirvana than there is Apple Armafuckingeddon…
Sure enough, as my order filled at $638.00, AAPL knifed down lower kicking yours truly in the nut sack… In all honesty I would much rather scratch my eyeballs out with a broken hockey stick dipped in HF acid than sit through one of these fucking AAPL corrections while watching all the baby monkeys run amok over the Internets spouting the end of Apple again and pulling stupid numbers out of their asses… But it is what it is…
We are currently still toying with AAPL former all-time highs as support; but I don’t think this will hold as it was only hit once and broke through with ease in August. If we don’t get a bounce here and happen to go further down the elevator shaft, this is what I’m looking at:
8 Responses to So Now We Wait on the AAPL Bottom…
I’m seeing a bullish hammer candlestick bar in development right now. So, I bought some call options. Looking good so far!
Thanks for your analysis.
thanks for your support. Good luck with all your trades!
I must be getting it wrong, instead of a hammer bar; I’m the one getting hammer! Lol!
The 89ma is holding as support. I may hold it overnight for tomorrow price action. If it takes out the 89ms support tomorrow, I will get out as a losses.
@zenhunter: naked calls? weeklies? If so, no wonder you’re freaking out..that’s good as throwing dice.
this is $AAPL; ya gotta respect them options guys doing their thing to expire calls and puts out of the money.. I find it much safer to dip buy long commons and hold if there is a daily downturn; if AAPL takes too much capital go with a spread or LEAPS… AAPL is just too volatile especially when OI peaks are so far apart (highest OI Calls $670, 650,660; highest OI Puts 600, 635, 640); that’s a crack spread of 70 handles AAPL could be any time of day any day of week…
Somehow, I prefer trading the AAPL weekly option over the S&P e-mini. I actually did pretty well. The secret is to set your max predetermined losses acceptable to you in the setup and then let the price-action bounce all over the place, hopefully, in the direction you are betting. I usually don’t do well scalping AAPL.
I believe we have an official bullish hammer bar today for AAPL. I added more call option before the close. Today MAY be the bottom. I’m betting tomorrow will be a gap up day.
Good luck to all!
it is OFFICIAL. A beauty long tailed hammer… Hammers need confirmation no? With $AA’s beat, it does look good for tomorrow… filling that gap down with a $20+ day would be icing on the cake..
Yes, hammer does need confirmation by taking out the high of today. Nevertheless, I like to jump the gun to get a head start…
Now, I just need to sit on my hands to hold the call options for the ride if it takes off from here.