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Full Time Profits, August 21st 2017 – AAPL, CELG

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Markets finally saw some selling come in. Volatility is getting back to a “normal” level (at least for me).

I’m not incredibly bearish on the market… all I really thought here was that we could see vol expand and retest the lower end of the range at 2,400. Going to be using this weakness as an opportunity to scale into some put spreads.

Key support is 2400, if that is lost then 2350 is the next key pivot level.

Key resistance is 2436– if we manage to get above that level and hold into this week’s end, then it’s a failed breakdown and will bring in more buyers… then we’ll probably run to 2475.

Trade #1: AAPL

I won’t lie to you, this feels like a “wishful thinking” kind of trade. Odds are AAPL stays strong and continues its uptrend.

Yet, if it doesn’t… and sellers really step in here.

150 is key. Gap fill and rising 50 day moving average. That’s a spot I’ll take every time.

Trade Setup

Expected Price: 150

Sell to Open AAPL Oct 135/130 Put Spread

Tier 1: Enter at 0.60, Close at 0.10

Tier 2: Enter at 0.90, Close at 0.60

Tier 3: Enter at 1.20, Close at 0.90

Trade #2: CELG

2-year breakout being retested. Classic pb2bo pattern.

Trade Setup

Expected Price: 127

Sell to Open CELG Oct 115/110 Put Spread

Tier 1: Enter at 0.60, Close at 0.10

Tier 2: Enter at 0.90, Close at 0.60

Tier 3: Enter at 1.20, Close at 0.90

Disclaimer

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