We hold two Oct-Sep 700 calls spreads for $10 and eight Dec-Oct 620 puts spreads whose cost basis has been reduced by profit-taking to 10.90. Exit the call spreads at will today for 14.50 or better (and please let me know in the chat room or via e-mail if and when you fill this order). If successful, we’ll use the imputed $900 profit to further reduce the cost of our put spreads to 9.90. _______ UPDATE (10:59 a.m. EDT): With AAPL continuing to hover near the 700 strike as expiration approaches, the call spread we paid $10 for has been an easy sale today for 14.70-14.80. However, I’ll wait to hear from subscribers who did the trade before I make it official. _______ UPDATE (September 19, 2:57 p.m. EDT): The spread was an easy sale today for 14.90, but because it is my practice to use the worst fill reported by a subscriber, the official price will be 14.50. Accordingly, we hold eight Dec 620-Oct 620 puts spreads with a cost basis of 9.90 that has been adjusted to reflect $3380 in theoretical profits recorded for this position thus far. Besides the call spread noted above, the source of those gains included covering four September 615 puts for $37 apiece that we had shorted earlier for $620 apiece.
