Here is that coffee ETN weekly chart, showing extreme strength this morning.
Note coffee gapping free and clear of its upper weekly Bollinger Band, effectively quite overbought now.
However, if coffee is indeed beginning another leg higher in its impressive 2014 rally, we should see overbought conditions persist for quite some time.
I stil retain a piece of my original position inside 12631, and am considering adding back or selling depending on that very circumstance.
Elsewhere, we traded GTAT as a long for a nice win over the summer in 12631. But today’s abrupt bankruptcy drives home the point to always know whether you are engaging in a trade or an investment. We took it for a trade when it had a healthier chart–But the chart then weakened considerable, presaging elevated downside risks.
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Chess, what’s your take on AAPL here?
I’m short
What’s your key level here, 50 DMA?
yep