Our tracking position contains eight (or a multiple thereof) Dec 620-Oct 620 put spreads @ 14.00 and four Sep 615 puts shorted for 6.20. This strategy will work best if Apple is buoyant in the days ahead, allowing us to cover the short puts for a fraction of what we paid for them. Accordingly, cancel the spread-legging bid I’d advised for the September 625 puts and instead bid 2.20 to simply cover the Sep 615 puts. It’ll be interesting to see how much mileage DaBoyz can squeeze from Apple’s patent victory, but I should think they’ll be able to at least panic shorts into taking out the massive supply created by last week’s bull-trap high near $675.
