Add to Apple
Plus, Maintain JASO and PCP
Dear Bottarelli Research Member,
The recent market volatility makes it pretty clear that the markets have no idea which way the next major more will be. The Dow, for example, could be up 50 points one minute and down 50 points the next, and I fully expect this sharp intra-day action to continue in the near term. This means that you can expect large price swings in your positions, so it’s critical that we keep a level head and maintain a proper balance of both calls and puts (which offers us the opportunity to turn a profit no matter which direction the markets are headed).
Of our three open positions, the JASO December 55 Calls (QJP LK) are looking the best. We entered these calls yesterday for $6.90 and they’ve traded as high as $7.70 today, so continue to hold this position for more upside.
Our Apple December 175 Calls (APV LO) have been moving all over the map. We entered these calls yesterday for $9.05 and they’re currently trading for $6.00. I consider this a very attractive price to add to our position.
After all, one look at the Apple chart shows that the stock is vigorously defending support at its 50-day moving average, and I fully expect this level to serve as support once again. Therefore, let’s use this dip as a gift and add to our Apple December 175 Calls (APV LO) now!
PLAY: Buy more Apple December 175 Calls (APV LO) at or under $6.30, good for the day. Lower your stop limit to $3.40.
Let’s also maintain our PCP December 135 Puts (PCP XG). Chart-wise, PCP could really move lower in the near-term, so let’s maintain positioned to profit off this fall using these puts.
If you did not enter this position yesterday, you had a second entry opportunity this morning, as these calls traded as low as $6.60. Hopefully you took advantage and jumped in! As always…
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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