Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Double-Top Turnover

After throwing numerous AAPL put options against the wall over the span of several months with none of them staying put; I believe today is the day that I finally throw a perfect one that will stick like a well-chewed soggy bubblegum coming off from the mouth of Sandy Olsen (from the movie- Grease).

“How can it not stick this time?”

We’ve a BEAUTIFUL double-top day thanks to the courtesy of today’s big red bar day.  Will this be the last bastion of AAPL’s mighty $600,000,000,000+ (count those zeros!) market cap we ever see again?

Will I, the guy you have been snickered at every times I throw the gum and announce my foolhardy play, be finally vindicated?

Honestly, I really don’t care as long as I recover all those tiny losses here and there PLUS a gazillion more so that I can then go out and buy myself an overpriced iPad to hang on my wall to remind me of today.

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Btw, in the event of an unusual “turn around” rally by end of the day which I am definitely NOT expecting to see, you can go back to your snickering and I’ll go back to my corner and wait for the next opportunity to try again.  If not today, there will be another day.  Nothing, and I mean NOTHING, can stay up FOREVER with that many 000,000,000,000!; especially when Steve Jobs is no longer around.

Remember to follow the price action instead of listening to anyone’s rambling that include me!

End-of-day Chart Update Below:

Below is the end-of-day daily AAPL chart:

Below is the end-of-day AAPL 15m chart:

We will see if tomorrow will continue the downtrend.

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  1. Raul3

    My wife cooks a lovely double top turnover.

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  2. zenhunter

    Trading journal update:

    Ain’t gonna fight the tape. There is no follow thru to the downside. Took profit this morning. Yes, I’ve to give back some from yesterday since it gaps up this morning.

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