AAPL is in a wedge since the beginning of March. Got May 130/140 Call, 120/110 Put Condor for $4.25. AAPL Earnings Report is 4/27/15. Would have gotten a 30 Delta Strangle but IV is a little high relative to past 12 mo. The literature says these wedges (aka triangles) break out around 65-75% the way to the apex. We look to be right about there.
I thought the FOMC minutes release at 2:00pm ET today might have moved the stock, but it was a non-event. AAPL might continue to tighten up into the apex around 125 until its Earnings Report, if it doesn't break out before hand.
Having spreads instead of a long Strangle should help with Theta decay as well as the previously mentioned somewhat elevated IV.
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