The worst isn’t over…
It’s only jut begun.
The Dow had just broken previous support, we warned, and could send the Dow to 17,250 unless something big happens.
Since then, the Dow attempted to stage a move higher on nothing. But that has since failed as we now challenge double bottom support at 17,419.
If this support level fails to hold, the Dow could plunge to 17,250…
There’s nothing to get excited about in the market these days, unfortunately. But that doesn’t mean there aren’t ways to profit from it.
Consider taking a small position in the DIA November 2015 174 put up to $6.10.
At the same time, there are some ridiculously oversold stocks in the market, including Apple (AAPL). It’s insanely oversold here. I say we just buy it. Hold it. And forget about it for a bit.
The fear is priced into the AAPL stock. It’s not going out of business. It hit a near-term snafu. Plus, RSI, MFI and MACD are on the floor, telling me a bounce – short-lived or not – is imminent.
Consider buying to open the AAPL November 2015 120 calls up to $5.20 and / or the December 2015 120 calls up to $6.
We will talk again soon.
Oh, we’re also on Twitter now. Check out Trader Insight’s page @TraderInsight2.
Hold all other open positions. We’re working on an update as we speak.
Have a great weekend.
Ian L. Cooper
Rapid Retirement System