Is the Hangover Finally Here

We are in a very seasonally strong time of the year but I believe there is still a window for some sort of a pullback this week. The first dip is being bought today but I expect there will be more attempts on the downside this week. Market participants have been conditioned to buy every dip and that is what they are doing.

The number of options trading in Apple is disturbing. Yesterday over 278,000 AAPL contracts traded, the underlying value of which is nearly $17 billion dollars. This tells me people are using extreme leverage to own Apple and these things don't tend to end well. With Apple being a large part of the major indices it will likely have  abroad effect if/when it does unravel.

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