WLT - update

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Updated chart on WLT.  Original here (http://814options.blogspot.com/2012/10/click-chart-to-enlarge-coal-stocks-got.html).  Still holding Nov 35 calls from 1.65, currently 3.10 for a gain of about 88%.  If and when WLT clears 39 (next res), I will add to that position...

$AAPL - dont fight it

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Priceline.com

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Priceline.com starts to get interesting around 650.  650 would confirm the break out of this longer term bull flag, and would be above the highs from 9/18. You could start to position yourself for a true breakout of this range above Friday's hod of 643.88.  For options traders, the spreads on PCLN are usually pretty wide, so play accordingly.  I would not short/buy puts until the price breaks below 611.44 (lod 10/2).  If it breaks below 611.44, chances are the down trend continues and a break out of the flag will need more time.

$WLT

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Coal stocks got a much needed bump today after being beat down for the better part of the year.  Walter Energy caught my eye today.  Main reason, it reminded me of the Goldcorp chart, which you can view here (http://814options.blogspot.com/2012/08/gg-goldcorp.html) before it put in a 13/14 point run.  It sas a nice inverse h&s pattern coupled with a rising MACD and RSI.  We did take a position today in the November 35 calls.  PTs are 39 and 45.

$AAPL

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Just my .02:  Apple put in a spinning top today, gapping down and almost making a r/g move later in the day, finishing -8.36.  The last 5 times (4/24, 5/18, 6/28, 7/26, 9/11) it has led to higher prices and nice swing trade entries. During those times, Apple has had an avg RSI of 41.5.  Today it closed with an RSI reading of 46.1.  Based on this, I would say the downside here is limited.  For confirmation, I'd like to see it trade above 672.69 (todays high) and hold for a long side entry.  Of course, if it takes out today's lows, all bets are off...

$GC_F

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Gold futures pulling back a bit tonight, bouncing off 10ma.  Remains in bull flag.  1749.5 (high 9/12) could be a nice pick up.

9/14 Watchlist -- $AAPL $BIDU $GOOG

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