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Strategies & Market Trends : Classic TA Workplace

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To: Henry J Costanzo who wrote (139001)	11/30/2006 5:05:48 AM
From: Cisco	Read Replies (2) of 209892

I wouldn’t kick myself too hard on the AAPL. While the uptrend line isn’t broken, we did see an engulfing candle on Monday. On the daily charts, we also had a breakaway gap around 52.96 and a continuation gap around 74.53, which suggest to me that we are near at least a short term top. In addition, AAPL is over bought on both the daily and weekly charts. If I get the opportunity to buy Jan 07 100 puts south of 10.00 I will be tempted to pick up a few. Just a contrarian view. . . <g> BTW, my target would be to sell the puts somewhere just north of 12.00. Having said all of this, I already have one option position running contra to the overall bullish trend of the market and I'm not sure I want to add a second.

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