We hold eight Dec-Oct 620 put spreads with a profit-adjusted cost basis of 9.90. Our immediate goal is to add some Nov-Oct 730 call calendar spreads for $8 or less. The best way to do so will be to leg into the position, buying the November calls on a swoon. If you’re interested, stay tuned for a timely intraday update, since that will be the best way to leverage the stock’s sometimes violent swings. You can receive these updates by checking the ‘E-Mail Notifications’ box your My Account page. _______ UPDATE (8:00 a.m. EDT): AAPL has gotten manipulated lower in pre-dawn trading, raising the possibility of putting on the spread for $8 or less without having to leg it on. My advice is to go for it, but under no circumstances should you exceed the $8 limit. I’d suggest buying the Novembers at a Hidden Pivot low but for the fact that any I could identify would likely be overshadowed by the presumptive support of Thursday’s 693.62 bottom. _______ UPDATE (2:24 p.m. EDT): Close out the put spreads now for 11.10 or better, realizing a theoretical gain of about $960 on the position. This will give us a fresh start as we continue to bid $8 or less for eight Nov 730 -Oct 730 call spreads. ______UPDATE (10:01 p.m. EDT): The call spread is too far away right now to work, but if you haven’t exited the put spread yet, keep trying. A sale at 10.80 would have been easy yesterday, but not at 11.10 or better as I’ve stipulated. Today you can go as low as 10.90 — and please report fills in the chat room so that I can establish a cost basis. ______ UPDATE (4:25 p.m. EDT): Apple’s plunge today sent the Dec-Oct 620 put spread as high as 13.50, but I’ll use 11.10 as the sale price as reported in the chat room. That would imply a theoretical profit on the trade of $960. We hold no positions now officially, but let’s continue to shoot for the Nov-Oct 730 spread, which closed for 7.60. If you filled an order, please let me know in the chat room so that I can provide tracking guidance.
