In line with the backlink, which was looking for an imminent top, I model MCD as just having peaked. With EW it's difficult to tell if the current 5 up is a top, a major top or the top which is why I drive for show but putt for dough. The short game is everything when it comes to making money.
If EWI model is correct then I think today saw "the" top. IF Avi's longer term model is correct then it's at least a major top. I'm being conservative in just calling it a major when in fact I know that the odds are not bad that it is the top. Time will of course tell.
I just got my toe wet with the March 2016 $80 puts at 0.65. Just 10 contracts for now. I'll buy more if and when it breaks back down into the body of the HT.
Wednesday, October 14, 2015
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