Today FAS crossed FAZ, The bear's are now in control at least with respect to the russel 2000. This isn't the death cross that the analysts are seeing with the 50 and 200 day moving average and the S&P is still holding above 1020... for now...
The CBOE is experimenting with weekly options for 4 stocks, one of them is Apple. So if you are really looking to gamble in this market they have options that expire each week now...
Update on AAPL after the torturous last few days... Rolling options is a strategy to make up or prevent losses by buying time. I rolled my July 260's forward to Aug 250's at the low Thursday. Makes a difference when you can actually look at the market during the day. They were almost immediately profitable and up well in the afternoon. AAPL has a class action law suit heading its way on the antenna issue, although Apple announced it is a software issue and will correct and send out an update for the signal strenght algorithm and the singal strength graphic. Apple has not seen a slow down in sales from this issue--so no impact to earnings...
With the roll-forward I also picked up Jan 11 Citi 4 Calls on the pullback and the Govt selling theirs at an avg 4.01.
Tesla was a good short play, an IPO on a company that isn't expected to make any money for a couple of years and jumps almost a hundred percent isn't likely to stay that high...
Although Apple is still getting beat up with the market under pressure each day, it holds a good base and trends the market well.
We have had a good run on AAPL recently but the volatility has changed so if you are going to stay as a trader you need to watch it, recommend some type of spread to limit losses.
Happy trading...
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