AAPL, Crude Oil And Rob’s Key Levels Into Monday

Welcome back! You have to put up with my raspy voice a little bit longer. What we’re looking at tonight as it relates to AAPL first. People have asking about AAPL. We have this nice pull back to support. My thought first of all, we want to get back above the 172 level (perhaps a close). Trading above it might be a little aggressive. The other thing is like in my Live Trading Room was basically Crude Oil. I talked to you yesterday about crude oil. I said above 56 I’d be looking for longs, below 55 I’d be looking for shorts. Obviously I was focusing on long-side opportunities in crude oil today. It pushed up through that 56 level and started to take off. We started to get some nice buy signals and some institutional momentum-type trades that started pushing up. A lot of volume coming in. All of our activity were all based on long-side opportunities. That will continue to be the case as long as we’re above $56 – I’ll be looking for long-side trades. There’s a lot of volume coming in and it’s tearing to the upside.

As we take a look at the overall market, it was just a few weeks ago where they made the big announcement that they would announce a big indictment, which sent the world into a tizzy over that weekend. Yesterday, we launched on the tax vote and then today people got a dose of reality in the overnight session. There was more subpoenas and investigative processes that were going on. It puts the market in a pause. Everything pulled back to or near its daily speedlines. As we go in to Monday, we’re going to have a neutral bias if we’re down below the speedlines. We’re going to look to see if we can get continuation shorts. If we’re above the speedlines, we’re going to look for continuation longs. It’s going to be that simple. It’s the most straightforward way to play a situation like this. That’s our focal point going into next week. I’d love to see us recapture these previous highs from the last several days. That would be very bullish and the easier trade. The market has a tendency to walk the stairs up and ride the elevator down. We’ll see what kind of regulatory or legal issues come out for our president and government officials over the weekend. There’s a lot of things on the map that can cause risk. The safest way to play this is to go into Monday flat, which is exactly what I’ve done and look for more great opportunities on crude oil or AAPL for instance.

Have a great weekend!

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com!

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