Sell AAPL via selling a call spread
Buy May 630 calls, stock @570
Sell May 620 calls for net credit
I do a minor repair on my Apple position. This change moves my safe zone to 545 to 620 (it was 650 on the upside). I am still net long. Apple has gone almost straight down since the pop up after earnings. There is some chart support at 565/555/545.
Today my screen is mostly red. Last Friday, it was almost all green. For option traders, things could almost always be better, always be worse. When things are going my way, I wish I had been more aggressive. When things fall apart like today, I am glad that I tend to be cautious. Of course being on basic market tendency (bull or bear or neutral) helps a lot.
LGF is my other big loser for the day. For now I am sitting tight because I have some room on many of my positions and my short SPY June put backratio gives modest downside protection if things get worse.
Long AMGN BRKB GNC LGF MMM TLT
Net long AAPL AMZN GLD IWM SPY