Trade Plan for 9/19
Might Need a Few More of These Bulls
See the weekly post before reading: The Week Ahead
Out AAPL position from Monday/Tuesday absolutely exploded today. We took profits for anyone trading calls on the $221.65 test in the morning with commons up about 3% and the October 18 $225 calls up around 75% depending on entry. I remain constructive on AAPL and will add commons on every major market pullback as stated in the Discord.
GOOGL 0.00%↑ posted an inside day today after we had taken profits on calls yesterday. The weekly looks quite constructive, though it still has some work to do to set up the monthly for what I covered in the free video.
Today marked the second consecutive failure above the July all-time high. Both highs carried meaningful excess. This isn’t the best look for bulls. Sellers haven’t yet accomplished anything yet, but current indications suggest we may need to recruit some stronger buyers at lower prices. This need not be bearish. Sometimes the market simply gets a bit too long and a pullback is needed to reset positioning a bit.
If you aren’t familiar with the concept of “excess” see the free blog section of my website linked below.
The first 5 parts in my free series explaining some basic profile concepts is now available at www.pharmdcapital.com. Click PharmDCapital This section and other free material will be added to over time. Scroll down to the “Want a Taste” section to read it.
To learn more about how I trade, see the post “What is Trading Doggy Style” Here