Wednesday, May 16, 2012

$AAPL chart for 5/16

the level everyone has been watching for was breached yesterday, that being the 555 level. yes it went to 550 today and if it rebounds right now..weeks from now everyone will look back and say that the 555 support level held. which would be accurate since levels are not brick walls..there is some give to them..if you are going to take a shot here for a bounce with new credit put spreads, then keep new ones for June at/below the lower support line near 515... if you are going to condor the position right now or just sell credit call spreads expecting a continued selloff then keep at / above the 50day moving average.