1/15/08
sold -1 vertical AAPL FEB 150/145 @1.35 credit (mark 167.91)
MacWorld today and another sell off brought aapl -10 ponts. Earnings is next Tues. would ideally like to see a bounce and run up b/f earnings and buy it back for half price b/f earnings event.
IV's are above their record highs (above 60)
150 is an old support (NOV 07 sell off)
150 is also the 200 day EMA
150 good entry point for stock if assigned in FEB
Will re-evaluate b/f earnings whether to ride this trade through
1/22/08
AAPL dropping like a knife day of earnings decide to speculate with this trade and add another short PUT vertical @ 140/135 PUT for 1.29 credit(mark 156.61)
total credit for both (2) short verticals trade = 2.64
margin = 2.36
Can be 5-10% wrong on this trade before getting hurt. AAPL after earnings will see a deflate in IV and options premiums so even if stock still drops a little, no problem. Primary exit obviously if AAPL gaps up after earnings and IV drops off.
1/23/08
WOW! stock got WACKED HARD, worst drop % in aapl shares in 5+ years. down almost $30 or -18%. At least I wasn't just long shares...
Anyway trying to figure something out here with stock ownership. Will assume I take shares at 150 and 140 for a cost average
closed out full position at a - 14.09 total loss
do the math on balance statemnt from AAPL transactions
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