Volatility & Divergence
Fade the rally
May 06 levels
AAPL sitting just under nearterm resistance in the 72s but it's not stopping there. Summer looks like a pullback as the market quietly goes higher, especially tech.
Tech earnings plays
Some decent earnings volatility of late in the sector: NCTY +2 pts, BIDU -20 pts, ERTS +3 pts. Setup next week is: NTES 20/17.50 strangle, SNDA 15 straddle.
More tech surprises
What looked like a breakdown in the making with AAPL (50 was major support after all) may turn out to be the year low as technicals got thrown out the window in one afternoon along with the shorts (and more shorts at 60) on no real news (again). I would've guessed the one tech volatile enough to do that was GOOG and not a trender like AAPL. But the trend for both of these was always up and that still hasn't changed (yet).