Counselor! Come Out, Come Out, Wherever You Are

Are we sure Apple is a safe haven and safe hideout for longs in what is obviously a deepening broad market correction?

Granted, I am talking my book here, as I am still short part of my AAPL position inside Market Chess Subscription Services.

Alas, we must remember that longs can run, but you usually cannot hide for too long in a real, deep correction, which means AAPL may be (pardon me here) the proverbial low-hanging fruit for bears to grab on the short side and play for the crowded long trade to unravel. 

Also consider that the VIX is relatively low, not even spiking into the 20s yet.

In my view, this is evidence of insufficient fear out there, and perhaps a touch of too much complacency that everything will be just fine by the closing bell or in the morning. 

But what if it is not? I am not talking about a crash or any type of outlier event like that, but the QQQ, for example, could fall quite a bit more before it even touches its rising 200-day moving average, and so could the S&P and Dow. 

Either way, even the most bullish of bulls here would be wise to adopt the mantra that light is right and tight is right until the selling abates.