At the risk of sounding redundant; I bought the AAPL Nov23 510/530/550 put fly for 6.50 I'll probably have to kill it at the open, before it's typical mid-morning sell-off. But the thing has to go up at some point.
Time to take some deltas and duration in AAPL. Long the Jan 490/535/580 fly from 11.30 risk. (edited as fill price averaged lower, 11.20 mid).
You're a better man than I. I think I am done trying to short vol in this name for now. EDIT: Never mind I see that you're out. Maybe we should start buying straddles instead.
The selloff is just ridiculous. When is it going to stop? Just based on fundamental analysis, Apple to me appears undervalued. What P/E ratio would you give apple with 0% growth next year? I would give it a 10. So even with 0% growth, IMO, apple is still worth 500. They also pay a nice 2% dividend. Now, I do expect apple to grow more than 0% next year. I'm just saying that the selloff is ridiculous.
The shares will be at 530 within a week. The problem is withstanding the weekly var. I want to keep the gains I've got over the last 7 sessions so I will wait for the close. If we're over 515 I will re-enter.