AAPL Update

I just wanted to let you know where I'm at with regard to AAPL and a new put position, I am waiting for now. Remember that moves like this, a counter t rend (Friday was down, today up and you should know why from earlier updates) are only effective if they move sentiment and make the new shorts so scared that they cover, today's move has started the process of exactly what we were looking for Friday and that's why we closed the AAPL put for a profit, but this move is not to, as they say in Technical Analysis, "Work off oversold conditions", the market cares less about overbought/oversold or else this would be the most overbought market in our lifetimes, it cares about its positions and these moves are a means to an end, they are only effective if they can scare new shorts enough that they believe they are facing losses much greater than a bounce which is to be expected.

So although we are seeing the right track in AAPL developments, imagine yourself as a new short entering when AAPL broke below $454, at $457 are you scared?

You have to forget about what Technical analysis tells you about overbought and oversold-they almost got it if they had thought a bit more because they always add the caveat, "The market can stay irrational longer than you can stay solvent", what they missed was the market is not acting irrational, it's pushing emotions to their breaking points, the market is not some benevolent or ambivalent creature, it's an extreme, manipulative, emotional hell on earth and that's the way Wall Street wins so understand that and you are closer to beating Wall Street.

GDX update is next since so many have asked about it.