I had a difficult time wondering whether to entitle this post "LUV hurts" for obvious reasons or "LUV's a hoot" because of this post in which I quipped right at the exact top of the right ear of that owl formation, "Couldn't help myself. Picked up 5 more of the Jan 2015 38 puts for 2.05. Still not big money at this point but 2k is 2k. I'm hoping that this is going to be a "hoot"".
OK I'll spare you any more of the bad puns but this chart is just not looking bullish folks. It perfectly kissed the 61.8 fib in obvious 3 wave bounce and then did a double top as well that didn't even pause for a second at the 50 fib line which had been resistance on the way up so, once broken through should by all rights have been support. But there was no support. There was nothing but selling and I think it's just getting started. Maybe it will see some support at the 38.2 but I would not own this under any circumstances right now. The chart says that the risk is just too high.
And those Jan 2015 $38 puts that I paid an average of $2.10 for the other day? Last sale was $3.21, albeit still with low volume. It will be interesting to see where these take me.
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