BY LICIA LESLIE

August 18, 2023

Hey Shoppers,

I’ve been writing about Apple (Ticker: AAPL) and how we needed to watch it trade away from the $177-$179 area.

Here’s the pitchfork:

AAPL had been coiling and creating a bear flag or consolidation area before making its next leg lower.

It closed at $174 yesterday.

It’s beginning that move lower.

I think it can trade down to my next support level at $160.

Looking at the puts:

The Sep15 170/160 put vertical for around $1.70 may not be a bad play.

The 170 puts implied volatility is 22.54 while the 160 puts are trading a 26 IV.

That puts some edge in your spread.

I would hang onto that spread until the stock closes over $177.50.

Trade Review

United States Oil ETF (Ticker: USO) traded a bit below $72 before rallying again yesterday and closing right there.

Hard to say if crude is going to sell off, need more evidence.

Thanks for Reading … See You Next Tuesday,

Licia Leslie