Despite my recent bearish bias, I am actually long APPS at the moment. Call it a hedge.
I don't care what the market does to the downside next week, I'm going to hold this one until I see real live astronauts.
This can be one of those "Gamestop" kind of moves, except that it has a much higher chance of seeing 1,000/share this year without needing national media attention.
This stock is set to be more bullish than TSLA, as I describe in the related post below.
So you all can see Friday's daily candle. It is what is known as banana-land.
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Who wore it more bullish? - APPS 1:4 vs. TSLA 1:4
In my opinion, Tesla's name and ticker are more bullish. What the hell is a digital turbine..
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Unfortunately, I may just have to just hold on to the few calls I have and not add more to the position tomorrow.
The market (DOW futures at least) is looking like it wants to pull the rug underneath APPS' base break. along with all the other bulls roaming around no-pig's land.
I know this stock will be ok under the scenario of a major selloff, but it may be the case that this 5th wave extension will have to wait a bit longer before getting to the inevitable top.
Sucks, but 1) it may do the unthinkable along with the other small caps and force the other indices higher still (hope is rarely effective) or 2) we gap up high despite the dangerous mixed indices and then blow off above 100 - which I will gladly take. Up to you, I am fine with the small hedge and will only add if the entire market somehow ends up squeezing even higher. Unlikely, though.
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Best of luck and be careful out there.
What I see is the potential terminal wave to a 30+ year cycle in progress on the Dow Futures. If you see the next four swings close slightly lower and in the opposite direction as the prior, then I'd start shifting slowly out of the market before everyone notices.
Godspeed.
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Will open this up again and provide a price path if APPS closes above 93 today.
This would mean that it can ignore the most bearish market circumstances moving forward. My only hedge to every short position I take after today will simply be some form of APPS call leg.
thinking like an idiot isn't as easy as it sounds. if the russell 2k is going to get aggressively bought into the close while the other three are about to
close red, then I'd call that group idiocy. Need to have something like this that mimics the idiocy, without being idiotic per se.
Of course, nobody thinks that the market will selloff next week, but 1) it definitely might and 2) if it does, then the market is still as good at correcting nonsense as it ever has.
Longing this regardless because its probably going up no matter what at this point.