Sold 1/2 of my 1/2012 $370 calls right here with the stock at $400. 30 points in 24 hours is about as good as it gets and to try and squeeze out too much more is just getting greedy. REALLY want to hold it here but this market is too nuts, even with earnings a week away. Going to look for a little pull back and then may take a call spread similar to what I was mentioning late last week. Now is even a better time after the run. I really just wanted to be long without the hedge when Apple was in the $360s because I know how the game works and expected a nice run. I didn't expect 40+ points from $355 though so quickly.
Now with the common back to $400, we're at more of a parity position. I still believe the path of least resistance is higher ATM but I'm taking off half of my trading position and waiting to see what Mr. Market provides.
If we can get a dip, I'll look to purchase to add to my 2012 long call position or take a near term call spread by purchasing some near/at the money calls and selling the same number of calls at a strike $20 or $30 higher as a hedge.
Cheers all, it's been a great move in the stock with the underlying sadness of the passing of Jobs. |
