Thursday, September 6, 2012

4:55PM Sept 6 AAPL + SPY Technicals Review


AAPL

Looks like I was correct, 675 to 680 was a much higher risk than the previous trade of 675 to 670. This time it took several hours to even reach a HOD of 678.25. Fortunately, I skipped another boring consolidation day.




 SPY

Fridays are usually continuation pattern of the current week's trend, so don't expect any significant pullback yet. Have to wait at least till Sept 10th or 11th. Hourly RSI and MACD are approaching to extreme levels, have to stay cautious of an imminent overbought pullback.
 
The Sept Monthly 130 Puts, we will probably have to take the loss on Sept 10 or 11th, have to adjust to market dynamics. SPXU shares will keep for swing.



-Red Apple