I am going to start documenting my thoughts on my buy and sell trades, including options.
I sold all the Apple and Apple options (around the $96 mark) I own for the following reasons:
1) Dow broke down below 16,828. Martin Armstrong says a close below that will lead to 16,254, which is major support. Dow is at 16,706 as I speak.
2) AAPL down double of DOW.
3) I have been through too many cases before where I was naive and said oh everything will be alright, at the expense of huge capital destruction and many wasted years. I will sell and wait for confirmation to buy back.
4) Stock was unable to keep gains above new 52 week high.
5) Apple daily chart shows current RSI high unable to beat previous RSI high.
6) Apple price has gone through 10-day moving average at 96.14. 30 day moving average has provided support and lies at 94.48.
7) Weekly RSI at 72.26, in real danger of breaking 70. Last two times that happened Apple stock took a big dive, 85 -> 72 and 96 -> 70. 10-week MA provides support at 93.43. 30 week MA provides support at 82.74.
8) Traditional July to September run up may have been pre-empted in April to June time frame. I don't see any very near term catalysts other than the dividend to provide support.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.