Our theoretical gain on the two Nov 300-310-320 butterfly spreads we’d held until Friday was $1360 — about 35 times the sum we’d put at risk. I advised closing out the position in the chat room, and also via an intraday update to the AAPL tout, when the stock was crossing the “equator” of maximum profitability at $310.  AAPL did so not only on the way down from $316 that day, but on a subsequent bounce to 310.91 from 303.63, the intraday low.  If you missed exiting you can do so this week at will.  Even if you were to receive just $6 for the spread, your theoretical reward:risk would still have been 30:1.

Keep in mind that we are still long the November 320 calls for “free,” and that they could conceivably be sold for an additional profit if the stock should poke its pointed little headed above water this week.  In any event, I strongly doubt that AAPL has seen an important high, since it is one of the few companies in America whose huge stream of revenues could conceivably buck hard times.   Recall that when we put on the spread, it was based on a $315 target I’d projected when the stock was trading in September for around $280. I hadn’t expect the target to be achieved before the November option expiration, but in the actual event AAPL surpassed our benchmark by $6 nearly two weeks early.