Rob’s Market Review on levels, options and AAPL

Okay, welcome back, everybody! As we go ahead and kick off into the weekend just a reminder on a few things you know we are still chasing after that elusive DOW 27,000 area so watching that, you know, with bated breath here constantly seeing if we can finally make that a key support level. That’s something you’ve heard me talk a great deal about the last several months but it’s proven absolutely true and valuable throughout that time so let’s go ahead and talk about where we’re at. Well, the options trades that we went ahead and had indicated here earlier this week went ahead and worked phenomenally in the market spiked up we decided to play very instead of very aggressively we played very conservatively and we were awarded handsomely for doing so. So, with that being said what we’re looking at here is the market as a whole – here’s what I want you to watch. There is the Russell and then there’s everything else. So, the Russell is still sitting here now with multiple layers of distribution in this band and it’s right around the 1506 area to the 1523. I really, really, really, want to see us clear that band, you know, before getting too overexcited here. Especially with the way we close with like with the NASDAQ here at distribution and everything here it would be nice to see us actually either Monday come in to start spiking and spiking and spiking and spiking to the upside. In which case, I’d look for immediate longs, however, if we go ahead and have a little bit of a pullback as long as that pullback stays above the top-end of these channels I’m okay with that.

The thing is we need to stay above the top end of those channels and then we need to start to take back off again those are the things I need to see to remain more focused on the bullish side so you can see as good as this looks this is very reminiscent of where we were a while back ago when I said watch out you know be careful here we were making higher highs and price lower highs and indicators and then we roll back down violently here sucking wind effectively for the last month so we’ve been playing basically options focused ideas you know it more more so conservative versus aggressive ones and and that’s been the right call from my perspective. But, I’d like to get aggressive on some other plays but I really want to wait until we get ourselves out of the woods on the Russell and I said show that we are now at support at these other major indices that’s around the 26,500 area on the Dow I want a hold above the 7765 level on the NASDAQ the 2947 area on the S&P; and again the area I really want to get through is that 1523 1523 on the Russell here as well, okay? that’s going to make me feel a lot better on those areas. Also, as it relates to Apple with Apple here because I’m getting a lot of questions about this one and right now with the distribution and the immediate backdrop here multiple layers of it so you got that distribution right there then you have this distribution right here. So as you can see, there’s a lot going on here with the distribution and that’s on a daily basis and then we bring it over to a weekly basis and you can see layers of the distribution there as well.

So, I’ve got some work to do I’m gonna be very cautious very judicious in this area especially when the NASDAQ hasn’t completely broken out yet as I was showing you. If the NASDAQ starts to break out I’m gonna look a little bit more aggressively at Apple but not as much you below the 220 area. So, there would be more to talk about there but first let’s see what happens with the NASDAQ where people get themselves in trouble as they put on big positions before the moves show themselves hoping it catch the big move then they get burned a lot, so, the right play is let the market show its hand and then work with the markets accordingly it’s that’s usually the best the markets always right only our opinions of the market are wrong. So, with that being said we got a lot going on here now between these daily charts the things is you to keep an eye on and then of course the big kahuna the weekly with the Russell here the the DOW that we’ve been focusing on here for the last several months, basically half a year, now. So, you guys have a great night I’ll look forward to seeing you in upcoming events and upcoming videos here. I’ll be speaking and traveling in Europe next week for different events and so I will look forward to seeing you a lot more after that but I’ll hopefully get a video out while we’re there as well, so, take care everyone and let’s keep enjoying these phenomenal markets that they keep hitting us right now, all right? Bye-bye!

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