12:12PM AAPL Stock Entry Price Plan

Plan

1/3 of portfolio cash
AAPL stock limit order @ $655.55 for the day

Limit order for the day, I am gone until Tuesday. If it fills, great. If not, no biggie.

-Red Apple

11:14AM Quick Update AAPL + SPY, Too Fast Too Furious

AAPL doing good, after the signal. 

Should re-test 663-665 to form a more solid set-up.

SPY

TFTF, Too furious Too furious, often these set-ups don't end well.

10:38AM AAPL/Apple Technical Update

Bearish continuation as anticipated, need to wait for a solid confirmation to deem this as a buyable bottom. Plus it's a long week and Fed day, most likely won't execute a new trade until Tuesday.

AAPL 60min 100SMA considered to be filled

Awaiting signals/confirmations to indicate a solid bottom, or else this is just a temporary bottom

-Red Apple

2:43PM Apple/AAPL Technical Update

AAPL hit our $663-665 area, but this is merely just a buyable scalp down and not a hugely oversold condition. 60min RSI is currently 37 with RSI-14 settings.

660 would be the next area of support if we end below 666 today for tomorrow's bearish continuation.

Want to go for bigger meat instead of this 663.5->669 small scalp. Sitting on hands, staying calm

-Red Apple

1:28PM SPY Weeklies

Exit

$0.37, 141 SPY calls

Loss

- 2 cents per contract [-5%]

Plan didn't work out, and I don't like the short-term indicators right now, theta would kill these options if SPY goes flat in the afternoon. The loss isn't bad considering if we had chased at 0.42, we would be in a very different situation right now. Will need to stick with higher probability set ups in the next few trades to not go red in portfolio.

Most likely won't trade weeklies tomorrow because of Bernanke speech at 10AM, and will hold onto existing Sept SPY Puts and SPXU shares, still feeling unfortunate that last batch at 40.05 didn't fill.


-Red Apple

1:01PM AAPL + SPY Update

AAPL still bearish, 665-663 should hit and possibly more. Take a look at 60min MACD along with support lines

SPY, most likely to 140.80 first then see what happens

-Red Apple

10:10AM SPY Calls Filled

Entry

SPY August 31 141 calls @ .39

Plan

Bought a few more than usual. Looking for a minimum of +50% gain and 100% if momentum comes alive

These kinds of trades have high success rates due to the limitation of the downside given our current circumstances

-Red Apple

9:56AM Quick Update SPY + AAPL

Lowballing the 141 calls right now @ 0.39, a quick rebound looks inevitable. Will adjust accordingly

For AAPL, I don't see solid support until 663-665 which is where 60min MACD should curve along with significant support lines for price there

-Red Apple

12:00PM Quick Update AAPL + SPY

Not much different than yesterday, market still in consolidation mode and the bearish bias for this morning was accomplished now we shall see if we get any true movement in the afternoon

60min MACD shows limited action for both AAPL and SPY at the moment

Not here again this afternoon, so I may post a review tonight

 AAPL, short-term bullish above green triangle support

SPY, stuck in 141-142 consolidation mode

-Red Apple

6:20PM Quick Review SPY + AAPL

Looks like I was correct, SPY had a consolidation day. AAPL didn't move either. We did the right thing at the time by taking the loss since the OTM calls became unworthy to hold through due price flatness and theta shaving off. We will look for another worthy opportunity to strike again

Tomorrow morning for SPY is bearish bias based on 60min's MACD (12-26-9 settings) weakness, it is also on the zero line. Which means that if it does not have a big gap for either side, we would likely shake/consolidate for the morning and then the real movement will begin after lunch; 12:30PM

AAPL

Not much to say for AAPL, it is still short-term bullish when above the green triangle trend line support

-Red Apple

10:45AM AAPL Update + Exit

Exit

AAPL August 31 Weekly Calls @ 4.00

Loss

$2.6 per contract [-39%]

We wanted to take half off and limit stop the rest but we decided not to because we are almost 2 strikes OTM so the circumstances say we should take the loss entirely and wait for the next opportunity.

Not here for the rest of the day, will post a review tonight.

SPY

SPY, nothing to say, still looks like a consolidation day

-Red Apple

3:37PM Ideal Closing Price Area

Apple still looks like a gap up scenario, condition being nothing decisively lower than 673.54 which is the LOD

Chart below shows the ideal closing price area for Apple

Ascending triangle pattern

-Red Apple