A dreary week of tedious oscillations produce no special trading opportunities, although it did leave a potential bottom-fishing set-up for the week ahead. Specifically, I’ll recommend bidding 0.50 for four June 9 155 calls, good through Tuesday. The bid is based on a Hidden Pivot target for the calls, but also on a delta calculation of their likely value if AAPL should drop to the 151.71 midpoint Hidden Pivot support shown in the chart. The alignment of two indicators should give us better odds to pick a bottom, but you should stop yourself out of the options nevertheless if they hit 0.30. If the stop is hit and the stock demolishes the 151.71 support, it could continue falling to as low as 148.54 before it finds traction. ________ UPDATE (May 30, 7:04 p.m. ET): Time decay is ravaging the puts, so let’s go further out in time: Bid 0.80 for four June 16 155 calls, good through Thursday. Stay tuned to the chat room and your email notifications if they get close, since I may need to adjust the bid. _______ UPDATE (May 31, 6:50 p.m.): Cancel the bid for the puts, since the stock’s weakness today put them well out of reach. Even so, AAPL will have to crush the 151.71 ‘hidden’ support to put into play the downside target at 148.54.
