We’ll continue to bid for some January 70 LEAPs of (2010) until we get them, since our downside target for the stock is much lower: 57.20. Today, bid 13.60 for a single LEAP, good only on the opening. ________ UDPATE: Lower the bid to 12.80, day order. These puts are going to be harder to buy than I’d originally thought. Apple opened firm, and one might therefore have expected that sellers would hit any put bid in sight. In fact, the LEAPs traded down only slightly, opening at 14.05. They do not trade like ordinary puts, probably, because their relatively low implied volatilities make them good as gold. That’s because once you own one, it is easy to lock in a profit by spreading it off against much pricier put options due to expire over the next few months.