With a huge rally, Apple has started to juice our Oct-Sep 700 call spread a few days earlier than we might have wanted. However, with September expiration bearing down on the stock, it is reasonable to expect a $700 ‘peg’ even if AAPL gyrates $10-$15 above or below that price during the week.   We paid $10 for the spread (2x) with the goal of generating a gains to offset the $14 cost of eight December-Oct 620 puts spread that we also hold. For now, do nothing.  In theory, the call spread could trade for as much as $23, giving us a profit of $2600 on the position. In practice, however, we’ll be doing quite well to exit it for perhaps $16-$18.  Earlier, I advised covering Sep 615 puts shorted for $6.20 for 0.37. _______ UPDATE (September 18, 10:07 a.m. EDT):  Exit the spread for $15, day order.  It is an easy sale at the moment for $14. Click here for information about the upcoming Hidden Pivot Webinar. If you sign up now, we’ll ship you the 200-page course manual, a CD-ROM with more than 3000 annotated charts, and some dandy Rick’s Picks swag.