Think AAPL will go lower. But today is options expiration and did not want to wait for the end of the day for a huge potential move either way. Also, it is the long weekend and the market seems sleepy.
So, sold my 1 lot $500 put at $1.45 for a gain of $0.84 or 137%
Still have the following puts in place:
24 Feb $490 put 1 lot at cost of $4.73 per contract
Mar $480 put 2 lots at cost of $11.08 per contract
Mar $440 put 1/2 lot at cost of $2.39 per contract
Sphere: Related ContentI have been burned with the AAPL stock movement over the last few weeks. I did not expect the bounce after the bounce post earnings. Anyway, as of this morning the stock was up over 2% up-to $526 and do think, at least for the short term, the stock is finally done with its run.
So, playing a very short term low-cost trade as follows:
Bought 1 lot of the Feb $500 put at $0.61.
The stock needs to go down to $499.39 for me to break even at expiration which is 2.5 days away. However, the idea is to cover the trade by tomorrow. My expectation is the stock will touch $515 again and my trade will already show a good profit.
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