I've started a position in SEP'12 560/570 bear put spreads (long 570, short 560). My current thinking, subject to changing market conditions: should we take out 588 and attempt to fill the pre-earnings gap @ 598, I'll continue scaling in, adding every 5-10 points. Then, on the road down, I'll take profits on bear spreads (scale out) as I open new bull spreads (scale in).
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| AAPL Weekly Chart - as of 07/29/12 |
