It's incredible that market has been on straight run up since yesterday...(on a 5 minute chart)...
Looking at the 5 minute chart, starting from yesterday, the market is on straight linear run up.
So this could be another gap up and run ... all day.
Oh well, I did play the profitable IWM call option earlier at opening but got out too soon and left a big chunk on the table.
Seems the short side is not favored at the time.
For short term, definitely that massive pre-market drop and then mid-day reversal seems to be bottom.
But with global economy weakening, it will be interesting to see if the market can find some reasons to rally, or have another round of scare and retest the lows again.
Right now, market seems so much more stable than it was last week.
Heck, even Eobla news is fading... LOL
Risking about .06 cents, and looking for .20 cents profit exit at .65.
Usually, market swings up/down more in opening hour or two, but it's been extremely flat (sideways) thus far,
so I'm not sure that this is the best trade, but I was getting bored just watching, so took a small position (30 contracts) to keep my interest going.
Basically, I'm looking for a pullback to below 95.40 but as of this writing after I got in, QQQs are hitting HOD.
So this could be a small losing trade pretty soon. LOL
I would short at 101 tomorrow if it even gets there, and ride it down to about 99 to 98.
LOL...you will lose 30% just on IV deflation, and PPS direction will take it from there.
Look for at least 5K loss. You can break even if AAPL is around 98 tomorrow. If its gets to 95, then you can possibly make 50%..but it aint happening tomorrow.
If AAPL trades at 100...
If AAPL trades at 100 tomorrow. Expect about 30 to 40% deflation just on IV...
AAPL would have to sink to 98 level for you to break even in my opinion. Call options are also screwed too.
Whatever the case is, I don't see AAPL running up more than 101 tomorrow, and it could pull back to 98 level.
Looking for pullback to 98 level tomorrow.
Could see some selling pressure tomorrow.
Good news but bad sign...Hmmm...
Forecast is what will move the stock...
Almost played option at close...