AAPL Powerful Move After Holding The Line



AAPL has risen over $40 the last three trading sessions hitting a high today of $611.27.  The line in the sand has been $570.  There is solid support at that level and after failing , since June 4th, to break that line with any real conviction, the bulls have taken over.  AAPL now sits very close to some strong resistance.  The resistance lies at $615 and while I did get into a few out of the money puts today for a pull back, I will be adding more PUTs should AAPL hit that line and fail to break it.

The risk would be another drawn out fight much like the battle at $570, where AAPL trades in a narrow range crushing the price of all out of the money options.  The reward would be a similar multi-day spike lower which would turn some very cheap calls into some very expensive ones.

I will be watching the $615 level like a hawk and buying some additional out of the money puts when she hits that price.



Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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