Early Feel

Early trade is always full of games and misleading so I don't take those indications too seriously until after about 10:30 in general.

I wouldn't be taking any action on Friday's AAPL put (there's an AAPL long equity position for the longer term) as it pops on a CITI upgrade today, I think it can still work out well.

The FAZ calls (basically a very leveraged short on Financials) also looks ok to me and like it will be fine.

Here are some of the key charts for this time of the day...

 QQQ filled the gap, the 1 min chart is going more negative intraday so I'd look for some downside shortly.

 The QQQ 2 min trend is in bad shape for this timeframe and almost demands the Q's come down near term which drafts the rest of the market.

 AAPL just popped above resistance and is still negative on this 5 min chart, the early action looks decent, but give it some time and let it develop. Overall though, I am happy with the way AAPL is shaping up as our longer term view is bullish, our very big picture view is very bearish, but one bridge at a time.

 FAZ which is essentially a leveraged short on Financials taken Friday with CALLS, looks fine to me in early trade, the 1 min chart is still in leading position.


And the 5 min chart is where the probabilities for near term trade really rest.