The extremely bullish, $315 target that I touted here five weeks ago, when the stock was trading in the low $260s, implied a 20% rally, but I didn’t expect it to unfold with such speed.  Goosed by a runaway Google on Friday, Apple’s rally has now gone parabolic. However, we can afford to sit tight and wait for the stock to return to earth, since our butterfly spread exposes us to a maximum risk of just $40 (versus a potential gain of as much as $2000).  For now, do nothing further.  We are long the November 300-310-320 ‘fly twice, and the maximum payoff would come if AAPL is trading around 310 when the November options expire.