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Member’s Video Update For Friday, Feb 2nd, 2018
Traders, the bond ETF TLT is on the move here with a pretty significant breakdown that could be wave 3! Financials and real estate are responding as you would expect. From there let me show you how I’m tradiing Apple, Google, and Amazon for earnings via butterflies.
Mid-Morning Update
Video for the morning of Feb 2nd.
Hello Todd,
Your analysis on the apple wave count was dead on. However apple hit the 162.50 price target after hours in about 3 seconds and started another wave higher. I see this sort of thing happen in after hours all the time, especially completions of expanded flats with 5 waves going down, as happened to facebook after hours yesterday. So, might not get to take advantage of the move down tomorrow with the apple put butterfly spread.
Hey Madhan – I appreciate that. I try not to watch the overnight session price action that much as many times the moves are reversed, like what’s happening here in Apple. We traded all the way up to $174.30 at around 5:30 PM EST last night, but now we’re all the way back down to $165.55. Futures are lower this morning so there are sellers out there..could be interesting!
Yep. Looks like the completion of 5 waves on after hours down to 162.50, 3 waves up to 174 and the start of 5 waves down, abc pattern.
Hello Todd,
I’ve been following apple for quite a while. Looks like there was a 5 wave 18 point move down from 180 to 162.5, then a 3 wave move up from 162.50 to 174.50, so 12 points or so. 18 points down from 174.50 would price apple at 156.50, which makes sense, since there is a major gap to be filled on that area. The next major gap would be in rhe 117 to 120 area. If apple breaks below the 156 area, a previos top, it will probably get there. Could be seeing the first 3 wave move down, (a wave) in a 4th wave triangle or the start of a bigger move down. Lot of interesting things happening here. Apple price is sitting right on top of the 200 day ma.
Condolences on missing first place, does second place still get speech time and a victory lap?.
Hahaha I’m not sure. If I know Mr Wonderful he’ll be the first say to 2nd is the first loser. Thanks, Ruey. It’s tough to beat a 90+% return in Boeing compared to my puny 75% in NFLX! If we can get a $162.50 close today in Apple I’ll be 100% over it and counting our profits.
Guess I misunderstood your AAPL butterfly post and did a 1 lot instead of 10.
how should i protect my 401k if market crashes?
Hi Todd,
How do we close a GOOGL butterfly? A limit order? Were you filled?
Thinkorswim told me that if I live it to expire I will be charged 60$ or 30$. Maybe its better to leave it to expire?
NO – do not hold ITM options – you will get assigned automatically in ITM options.
Todd,
On the GOOGL butterfly, what’s the reason for being flat before expiration and closing individual legs? What is the downside in letting the puts be exercised Saturday because they are offsetting and one should just lose the max at risk when the trade was initiated. Is it a cash flow/settlement issue?
Thanks
Bruno