We hold no position officially, assuming I don’t hear from anyone who acquired eight Nov 730 – Oct 730 call spreads yesterday as advised. I’d suggested an $8 limit on the order, but with Apple plummeting the calendar spread could have been purchased for less. We’ll continue to bid for the spread, but paying 7.50 or less, only if no one reports having bought it already. Technically speaking and from a Hidden Pivot standpoint, the low of yesterday’s 18-point dive precisely achieved the 673.05 target shown. That means that if the stock fails to reverse from here, we should infer that it’s developing a magnetic affinity for a key structural low at 656.00 recorded on September 12. _______ UPDATE: Prices reported for the call spread ranged as low as 6.80, but I’ll use 7.00 as a cost basis. Apple is on thin ice and must hold above the September 12’s 656.38 low to avoid creating a nasty, bearish impulse leg on the hourly chart. It did so earlier this month, only to reverse and rampage higher, but a second bear trap in two weeks seems unlikely. A bull trap instead? It hasn’t happened in eons, but we should at least be prepared for it.
