We hold two January 280 puts for 2.00 — a longshot bet that AAPL will come unglued by no later than early 2011.  This seems pretty farfetched, since I am more bullish on AAPL than any other stock. That is in fact my rationale for shorting the stock, albeit gingerly.  Our goal is to spread off premium risk if and when the stock falls, but so far it has given us no opportunity to do so.  For now, do nothing further. _______ UPDATE (December 13, 11:22 a.m. ET): With AAPL, the most profitable and innovative company in America, blazing a trail this morning into new-record highs, I’ll suggest closing out the puts for 1.15-1.20.  With two held, our theoretical loss is $170.