We briefly owned June 145 calls for 0.92 that traded as high as 1.20, but exited the position on a stop-loss when Apple failed to do as we’d expected. The stock is looking more robust at the moment, and with the calls currently price at around 1.10, we’ll try to stake out a new position, albeit cautiously. Accordingly, I’ll suggest bidding 0.86 for four June 145 calls, good for the first 30 minutes of the session, and only if the stock is trading 126.50 or higher. If you buy the calls, tie them to a stop-loss at 0.75. If this gambit doesn’t work, we may try to leg into calendar spreads pegged to the 135 strike — just below the rally target shown. _______ UPDATE (11:32 p.m.): Subscribers reported buying the calls for around 1.08 after I modified the order in the chat room. For now, lower the stop-loss to 0.92, since we don’t want to get shaken out of the calls if the stock opens only moderately lower. In such circumstances the options market makers could seize the advantage with a fire-sale bid. _______ UPDATE (April 15, 2:14 a.m.): We exited the position when the calls trade down to 0.90. The theoretical loss was $64. The long-term chart looks great, but trying to buy our way aboard for cheap on the lesser charts has worn me out, at least for now. ________ UPDATE (April 16, 1:00 a.m.): Apple could end the two-day snoozefest with a pop above 127.57, a midpoint resistance associated with at D target at 129.22 (see inset). We’re buying this stock on weakness only, so unless AAPL surprises, plan on spectating today. _______ UPDATE (April 19, 11:41 p.m.): The stock looked bound for 123.56 when it was saved by the bell on Friday. The target will remain viable as long as 125.77 is not exceeded to the upside.
