I am also going to suggest you close the short $65 call on GILD today.

If you followed the alert from the 13th, you would be long the $60 call for December 11th and short the $65 call.

Here is how you close the short position:

Buy to Close December 11th - $65.00 Call for  $.12

The net credit will be $.33 per call. 

If you sold the suggested 6 lot, the gain is $198. Hold the long $60 calls for December 11th.

Apple did not hold the midband, as I had expected and has broke under it.

But, it is now oversold and as such, I am going to suggest to close the short side of the debit spread.

Here is how to to that:

Buy to Close December 4th - $122.00 Call for  $.25

The net credit will be $1.08 per option.  If you traded the suggested 6 lot, the total gain will be $648.

The cost of the spread was $960, which means by covering the short $122 call, you have recouped 68% of the cost of the total spread.

Keep the long $118 calls in place and if we get the bounce I will close those calls.

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I would like to make a suggestion on a stock that is right at the level I mentioned in this morning's update.

And that stock is Apple.

I mentioned this morning how I felt support should be at $116.61, which happens to be the midband on the 60 minute chart.

Apple dropped to a low of $116.81 and seems to be holding that level.

As a result, I am going to suggest a trade.

I am not going to suggest you buy a lot of time because this is a short term swing trade.

I am going to suggest you trade the December 4th expiration date and use a $4 wide debit spread.

Apple is trading around $117.66 as I write this.

Here is how you open the position:

Buy to Open December 4th - $118.00 Call for $2.93

Sell to Open December 4th - $122.00 Call for $1.33

The net debit will be $1.60 per spread.

Based on the tracking portfolio, I suggest you limit the trade to a 6 lot or 1% of the portfolio.

The maximum gain on a six lot would be about $1,440 or 150%.

Apple has to move above $122 to earn maximum profit.