We’re trying to buy the September 650-August 650 call spread for 5.00 — a low-risk bull play on our favorite bellwether stock. The spread settled Monday at 5.85, but there may be a chance to leg it on at a better price if we buy the Seps when the stock is carving out a swing low (see inset). I’ll signal intraday if such an opportunity should arise, but you’ll need to check the ‘E-mail notifications’ box on your My Account page if you want to receive it in timely fashion. In the meantime, continue to bid 5.00 for the spread. _______ UPDATE (5:48 p.m.): Cancel the spread order. Apple is getting pasted in after-hours trading — down as much as $40, to a low of $565 — after announcing earnings that most other companies would envy. It would seem that iPhone sales have fallen off significantly, presumably because the company has a formidable challenger in Samsung (and may have another if Nokia ever emerges from coma). I’ll update with a fresh tout and chart, since Apple is a key bellwether for the stock market as a whole.
