Hi traders, I'm down in Palm Springs on a golfing trip. I will be just on lap-top trading for the next three weeks. It is sure different when I am not looking the mkt all day. I and all of the acc'ts I trade are in AAPL and that is all. This is risky but with the price target of over 700 by many brokerages, I feel pretty good. The ROI has been outrageous. I am long the 500 for Jan 2013 and short the 560's for this week. Very few times in my trading has there been a stock like this. A good PE and a projected 100+ run. I rode Dell, Msft etc in the bubble but what most traders should realize is AAPL isn't a bubble it is pure earnings. There will be a few up and down days but getting over 5% roi per week is hard to turn away from.
My goodness reading the previous postings on the blog some of you traders have a lot on your plate to check and keep up with. It sure seems like a lot of work. Pick a few (or one in my case) and make money. I have found for me that I don't have the time to guess which stock might go up and the possible percentile on possible down days, and the possible rebound and all the other 'possible'. More power to you researcher but for the new or long time traders that don't get all that tech talk, I advise just a few things..
Pick a really good stock, or several, that is/are fairly priced.
Make sure it has decent premiums.
Be cautious or at least aware that hi profits are a canary in the mine.
Make some money..
It is really that easy. Don't be turned off thinking all of the tech talked is overwhelming and you can't get it. Make it easy but not sloppy. Also don't try to project which stock has hit bottom and don't use a stock that YOU like but the mkt doesn't.
Be aware that this mid-east looming news will probably happen one day with out warnings and it will effect the mkt. In a few days the mkt will rebound but lingering oil problems will be hanging over the mkt. Good luck.
100 comments:
im trading alot of aapl and having huge sucess as well. great job
Jerry,
I agree with you regarding AAPL. It appears to have a lot of upside potential. I just don't want to get carried away and get too aggresive with it. This week AAPL may trade sideways. If it does, I expect it to continue up again next week. We'll see what really happens though.
Dave
I have some trouble with the short side of the AAPL calendars. Just can't stand to see the 'negative' go up tho not as fast as the long 'positive'. And how do you know you are selling far enough out? Jerry, you mention being short the $560 which would make me nervous...only 8 bucks to Friday. The way this stock has been moving that could vanish in an afternoon. I'm just long from 420 to 570 LEAPs and boy do they move. Know this can't go on forever. Would appreciate some feedback on the wisdom of the calendar spread.
ihaveoptions,
I have no wisdom to provide, but I am glad you asked this question. I too am struggling with this question. I am using Jerry's strategy, but have my own twist to it. My way is certainly not better, and it may be worse, but it fits my personality so it works for me. My long LEAP is a Jan 13 575 call (my account is small). Over seventy five percent of my account is cash though. Last week I sold to open 10 Mar 16 580 calls, and I bought 9 Mar 16 590 calls. My net delta is positive, in other words my account balance will increase with a modest increase in AAPL. My goal is to hang on to the LEAP. I treat this as a race against time to bring in enough premium selling calls to pay for the LEAP. Note that my position is bullish due to the LEAP, but not extremely bullish because of the options. I believe 580 is likely far enough to stay OTM through Friday. However, if AAPL takes off, then I will close my MAR positions and get out of the way.
I believe Jerry will close both positions if AAPL gets to 560. The longer AAPL takes to get there, the more money Jerry will make via time decay. If AAPL doesn't reach 560, then he will sell next weeks options. I believe that is basically Jerry's strategy.
I chose my call strikes in such a manner as to keep the net delta positive, but to bring in enough premium to make it worthwhile. If my delta goes negative, I will start looking to close some or all of my position.
Thanks,
Dave
henngiss - This is regarding your previous question about selling weekly options on Thursday through Friday. I have been paper trading this for a couple of months with mixed results. I would suggest you read Jeff Augen's book on trading options in expiration week (if you haven't already). It'll teach you to think about the problem the right way (but no magic formula).
Hi, ihaveoptions; when i opened the 560 the stock was around 545. As noted by Dave I would love aapl to end at 559, Sorry to say it is there now. but this isn't all bad as the 500's are up 5.60 today and the 560 are only up 2.79, so the long is going faster as the TV is leaking out of the 560.
I won't close right at 560 if aapl reaches that number, but i will certainly be watching closer. As the 560 now trading at 5.3 at least 4 of that has to leak out and soon. the problem with keeping the position is assuming the stock goes to 570? even though the 560 will cost to close maybe 11, I will not be able to rollout very far as the new short say at 580, would only sell for.. maybe 7? So i would have to go to the 575 only 5 point of cush and if aapl keeps going up... you get further and further behind the curve and have to resort to going farther out... into april etc. I will try to wait for the next week optins chain to come on line on Thur.
If i closed the posintion I would then open the 510 longs and sell the new strike about 15 points over the stock price
A trader could at this moment buy the Jan 520 for 85 and sell the option at 565 for this Friday and make 3.4% - So still plenty of ways to make some $$. I am aware that aapl has gone through the roof and must... correct a little sooner or later, but until then I am ridiing the aapl express.
My trades are not for all so you diecide if the risk is fitting your acc't.
Jerry
Thanks Jerry for the explanation. I think now I get the concept. Just wondering tho if you or others ever wish they just held the long position and got to keep the entire appreciation. I see that you would not have the hedge should the stock plummet downward but right now with the stock moving so fast so far, it seems preferable in some ways. Now get back out there on the links.
Hey guys, for people doing their own taxes, do you enter each trade one by one? I had hundreds of trades during the year this will take forever!!!
amrit,
Thanks I'll look for that book.
Nicky,
I put summaries in, although you are supposed to put in the details. I haven't been asked for them yet, but I have the details if they ever ask for them.
Re: AAPL,
I jumped out of the way of the freight train. I plan to keep my long position, but if AAPL breaks upward I may look for a good exit point. I just couldn't take the risk of keeping my short position open, as it was ready to go up the gamma cliff (it was about to get way out of hand in terms of losses as the price would go up exponentially). I think 575 would be a good point to jump out today, as AAPL will be 15 points over the top bollinger band. In other words, the price will be stretched so high at 575, that it will be very likely to pull back. I don't think it will get to 575 today though, we'll see. You lay all these wonderful plans, and the market just does whatever it wants. You have to follow the market though.
Dave
Nicky
I keep all my trades on a spreadsheet by month so I can see my successes (cough). I then add up ALL the option sales/purchases for the month and enter it as
"Jan call/put option trades". That way you only have 12 entries.
Just a heads up, the new Sch D reporting is a mess. You need to batch your trades into three/four categories.
Thank you Taxman, I will do the same, hopefully no audit.
So the IRS does not receive any report on option trades?? Nor does the trader, so I can plead ignorance and say I did not know I have to report option transactions, that's if they ever make something of it, but since they don't have any records on it, what's the chance of that???
Nicky,
I input all my trades one-by-one into TurboTax. In 2011, I did 325 trades...all of them option trades. I will pick a weekend coming up and enter all of them into TurboTax Premier one-by-one. Just put a six-pack on the table and a big bag of Cheetos and several hours and one heck of a sore back later I will be done. TurboTax is just awesome...one damn good piece of software. Thanks to TurboTax, it's not brain intensive, just labor intensive. But it's better than paying some tax accountant to do it.
@ Everyone
I am a CPA, so I cannot comment on recent posts concerning reporting or non reporting of any kind of securities trades. The law says you must report all taxable income and that is my position. Everyone has to make up their own mind. My understanding is that option trades ARE NOT reported to the IRS.
Good luck figuring out under which box on form 8949 you report each trade which then carries over to Sch D. Nice how they SIMPLIFY tax preparation. It drives me nuts. The important thing is that total reported trades on Sch D BETTER equal the total trades reported on your brokerage 1099, or you will hear about it from your favorite uncle in two years when the IRS computers finally match to your tax return.
I'll report my option income, but the thing that gets me is knowing that my return will be flagged, because Schedule D won't mesh with the 1099, so one actually is getting their return scrutinized for doing the right thing and reporting options income, and the other thing that gets to me is the 1099 shows cost basis for the covered positions - meaning the positions that were sold and bought in 2011, and it says cost basis less commission and option premiums, they adjust the basis to account for the commissions but not the Premiums, so once again one does the right thing by adjusting the cost basis on their own, yet in the return being transmitted Turbo Tax sends the IRS the cost basis listed on the 1099 and also the adjusted cost basis which you enter, no doubt drawing more scrutiny.
Tradeking down!!! I need Taxit or Maxit or whatever the hell it's called, I got up to reporting July options then the site dies on me, Thanks again for the tip Taxman, I would have sat here all night entering these trades, much, much easier doing batch month by month entries, Dave that six pack won't last long, and isn't there a law against drinking and tax preparing???
Somehow no one mentioned importing trades from a brokerage account directly into TurboTax.
Hi all..sorry to say my acountant is anal retentive..no offense taxman..lol But I do match up all buys and sells and send the irs their fair share..Excuse me did i hear snickering?? No kidding but part of the cost of doing business.
I closed all my aapl 500/560 and opened the 520/570 but now aapl is getting near 570. On thursday i can roll into next weeks.. yikes where does this steam roller end.
For you ones on the sidelines, aapl is a once in 10 years express. It is heading to 650 or more so if you have the stomach for it jump aboard.
Anybody got any naked puts they are looking at for April? I've not started looking yet but with the VIX under 15 I think it will be slim pickings.
NFLX calls are still looking good!
Damo
Jerry,
650 would be reasonable. The forward pe would be about 13.6 and the peg would be .77. Those numbers are still too low. The Ipad is selling out. Most importantly, my son said the new Ipad is "super awesome, it's resolutionary". Of course, I will be looking for opportunities to buy calls, if the price gets low enough. In the meantime, I'll keep working my calendar spreads. The DOW is solidly over 13k and the nasdaq is now over 3k. I will be a little surprised if we don't see some continuation now. at least we have a floor now to provide some support.
Dave
Its real slim pickings. Early this week I placed Mar 92/87 NFLX, 50/45
IOC and 1410/1435 SPX. That was Mon and 200Dow/25SPX points ago. Seems like an eternity. Haven't started looking at Apr yet. Apr is a 5 week cycle, should be able to get something. My credit spread newsletter was recommending SPX 1250/1240 and 1450/1460. I couldn't get the premium he was recommending so I didn't play. With SPX +25, good thing. I always seem to get burned on the call side.
Missed the train on the AAPL express. Jerry says get on board, but I can't pull that trigger with AAPL +150 in the past month.
If I get on board now, everyone should short AAPL because it will tank, just my luck.
@Taxman...stay out, lol.
@Taxman again....I agree that it is difficult to jump into now with the price so elevated. I've been looking at 'more' but just can't pull the trigger.
Today AAPL does not seem like it has blown out yet, like on 2/14. If it jumps over 590, I will look to get out and try to get back in at a lower price. Otherwise, I will probably roll up my leap to protect my position (I'll take some cash out to safety). With the Ipad coming out in stores, I think the stock could continue up this week.
Dave
Yes to all regarding the run AAPL has been on. It certainly seems ripe for a 'profit taking' drop. If it does and then levels off ..jump aboard again. I rolled my 520/570 into 530/585 this morn.
If you saw Kramer on CNBC this mornings.."AAPL is the best stock he has seen in his entire career" That is quite an endorsment. Put spreads for those that are leery of doing the call spread. Maybe with puts the 545/550 for 1% or 550/555 for 2.5% in three days or less?
Nicky, if there is a law against it, like everything else with taxes, it's only applicable if you get caught.
Ok,
Who wants to play "how high can one stock go in one day"? I rolled my leap up, but I guess I'm staying in for now. Looks like a good point to take a profit, but who am I to say how high is too high? I will look into maybe selling some calls this afternoon, if IV is still in the 30s or higher.
Dave
Even though I missed the AAPL rocket ride, I did pick up on Jerry's recommendation of AAPL
Mar 555/550 put spread for the next two days.
AAPL can now tank and burn me bad
All this talk about AAPL, I couldn't sit on the sidelines, bought the $585 call for $8, looking for a quick trade.
Typical, I always come in right before the fall.
Nicky
I told you that as soon as I got into AAPL it was ok for it to drop.
Right on Q
I sold for $9.40!!! Woohoo, easy money, spin the wheel!!! let's do it again!!!!!
I did 2 quick trades today on AAPL using the O'Brian method. Both long puts, 15 minutes total and 1.05 points.
Damo
BTO $585 put for $9, let's go down!!!!!!!
Sold for $9.70!!!
BTO $585 for $6.6, let's go down one more time!!!!
actually put the order for $6.6 executed at 6.4 go TradeKing!
The premiums are really high for AAPL for the weekly. I sold the 610 call for 2.2 to hedge my leap. My delta is still very high though, so I'm very bullish. AAPL will have to go up over twenty points in two days to get there. I know, that's one days move right now, but things will slow down again most likely. The IV was in the 40s, so a great time to sell options.
Dave
Need one more down spike, come on profit takers!!!
Great, I'm stuck holding the $585 put, hopefully there will be profit taking after the run up today.
Damo:
Sounds like Obrien's method is working for you. I've been following his stocks pretty closely over the past couple of weeks, watching mostly.
For the most part, I haven't seen many false signals, but today it seemed like there were a couple. There was one today with AAPL in fact (it actually worked out ok in the end) around 1:10pm EDT. How do you stay away from those bad trades?
Mike
Mike, that was one of my entries, I was in the trade for 3 minutes.
The premiums on AAPL options move really fast. My first trade was at 12:50, this was a week entry as far as the Bollinger Bands go and I probably should have waited but I was out 10 minutes later with the price of AAPL higher then when I entered.
As it turned out I could have made way more with both trades but APPL could have kept going north then I would have been kicking myself for not getting out.
I've only had one loosing trade with this system, itchy fingers and I entered with the MFI above 20, if I had followed the rules I wouldn't have been in the trade. Lesson learned.
Damo
@Nicky
You still short AAPL at 585?
I picked up 1 contract after reading your post thinking there has to be even a slight selloff into the weekend. Call it a lottery play and go for broke???
I'll wait till the afternoon and see.
Yes, still have the $585, just bought the $590 put as well for $6.55, of course AAPL responds by going up, I missed the chance to sell the $585, it shows a high of $8.90, that would have been sweet my purchase price is $6.40.
Shorting AAPL? Lets see. Might work for weekly closing but just can't see much downleg unless the wheels come off the entire bus.
If I had just been at the computer when it dipped this morning!!!!!!!!
Nicky, Looks like you get another chance. Now, when to get out? I bot a spread for Apr expiry on earnings play. Wish I'd waited but I too don't sit at a terminal all day and in fact, that's what attracts me to this, no everyday, every hour commitment.
Wow!!!!!!!!!!!!!!!! Sold the $585 a bit too early for $6.70, sold the $590 for $12!!!!!! $12!!!! purchase price of $6.55!!!!!!!!!!!!
There has not been a lot of selling pressure on AAPL yet. It has dropped back down to the top of the bollinger band, and may ride the band up for a while. I think it may test 600 again tomorrow. I felt a lot of pressure to close my short call this morning, but I managed to hold own. It is looking safer to expire worthless now.
Good job Nicky, but I don't understand how to work positions like that. I personally only look to buy options when the IV is low. I look to sell options when the IV is high. I can only work with my limited understanding though.
Dave
I thinking of riding it back up with the $585 or $590 call, I told myself I would not get back in, but with the release tomorrow, it would seem like sure bet????
Hi, ant thoughts on how to escape from my weekly AAPL call spread
585-590 tha I have sold?
George...
BTO $585 for $5.80, of course AAPL responds by going down.
Damn, left holding the bag again, did not want to hold overnight, fingers crossed for $600 tomorrow, hopefully iPad lives up to the hype.
George
The only thing I can think off is to roll it out to next week at the same strikes, roll it up into next week and possibly increase the # of contracts to break even, or bite the bullet and close it tommorrow. I usually bite the bullet, because rolling out to next week could only dig a deeper hole if AAPL continues up. More importantly you need to develope an exit plan before AAPL got that close to your short strike.
Ouch, at the open, makes one want to buy more $585s.
Looks like 585 is the 'chosen' number to pin AAPL for the weekly/monthly close. Can they hold it? We'll see uh? GL on your position. Too nerve racking for me tho.
House of pain here, I had a chance to get out with a small loss, should have taken it, played with fired, got burned.
Here's an AAPL play for ya. Just read it "On The Street". If you think AAPL is going to the moon, or just wait for a pullback. This is a zero cost call play. They recommend Buy 700 1/13 Leap call at 29 and sell a 1/13 490 Leap put at 29. Should net to zero. Don't know if I'd put this on until AAPL does a little pullback. Interesting
Well I think I played this one ok so far. I rolled my short 3-17 610 call to next week 635 yesterday. The IV of the 3-17 dropped below the 3-23 IV, so I was able to sell 3-17 relatively cheap and the 3/23 relatively expensive. I also thought AAPL might challenge my 610 today. It is so hard to make these decisions. I guess you just have to make the best choice you can, and be ready if the market moves against you. I plan on staying long AAPL for the foreseeable (sp?) future.
Dave
I sold for a whopping .10! Yes .10!, so after 10 option trades on AAPL I actually came out on top with almost $400 after commissions, wish I didn't make that last trade, I was up thousands at one point, oh well, lesson learned, quit while I'm ahead, don't hold over night especially into expiration Friday.
Might try my hand at this again Monday.
VIX at record low? Its Call options are pretty expensive. Sold some 15 put when it was 13.76.Just an experiment...
Good weekend.
On a positive note, MSFT $32s expired, TTWO $16s expired, had to roll EPI $21s to next month got .22 credit for that, but price on that needs to recover big time.
anyone into strangle trades, yest did aapl 720 call/500 put for net 11.50
May trades
Just a comment for those messing with taxes and trades. I pay for this subscription every year because it does it all for me.
http://www.tradelogsoftware.com/
No I do not work for them but it is worth it to pay for it with my profits, my CPA loves it when I give hime the forms already filled in.
With the new rules as far as brokerages having to report cost basis, there is no need for that.
Apple has announced that it will hold a conference call tomorrow morning to discuss the company’s plans for its approximately $100 billion in cash reserves. The announcement will occur at 6AM Pacific / 9 AM Eastern time.
Hang on to your hats if they announce a dividend!
Damo
BTO AAPL Mar 23 $600.00 Put, There has been a line in the sand @ $600 hopefully it stays there.
I bought a June NFLX put, a very small position. If NFLX drops about 15 points the price will probably double. If this happens, I'll roll the put down to lock in a profit, similar to what I did with the AAPL call I bought a couple of weeks ago. I think NFLX has the potential to drop sharply again. We'll see.
Dave
So I'm going nuts trying to figure out what to do with AAPL. I decided to use Jerry's method and close the long and short positions if AAPL reaches my short strike. So I put in a contigent order to sell both if AAPL trades over the short strike. If AAPL falls, I'll let this week's short call expire and sell next week's call when it comes out.
Dave
Dave, I wonder why you think NFLX would drop 15 points.
Hi Alex,
Well there is nothing that spells impending doom to me, but nflx would just need to stay in the current down trend a little while to get go 15 points lower. The longer term trend is very negative, and I think it may get back into that trend. I think nflx has a lot more weaknesses and threats than it does strengths and opportunities. The business model is easily copied and thier program material is fairly outdated. They may take off again, and I will have a total loss. There could bne a big payout though and I'm not risking much for it. I would have liked to get in at a lower IV, but the chart was setup good and IV was average. Sorry if you like nflx but I just don't see the value. Most investors don't see the value right now either. Maybe it is turning around here though?
Thanks,
Dave
I'm just not as negative to short it.
STO MSFT Apr 21 $31 Put for .43, I'll wait and see what this does and look to open more, 10 contracts at a time is how I like to do it.
I need to cut the cord, and move from Fidelity to somewhere else. They make options trading too painful.
I wonder what platform is favored on this blog? Tradeking?
I use Both TK and Options House, I prefer TK.
I have both TK and Schwab. Like TK alot, Schwab makes options 'painful, as you say. Just have other business there.
I am continuing to try to protect my capital on the AAPL position. I rolled up my 625 LEAP to 655 and thus converted another $1,168 to safe cash. At the same time, I closed my weekly short for only 25% of my original sales price. I don't like to leave money on the table, but I kept a large chunk of it. If AAPL jumps up the next few days, my LEAP won't be restrained by a short weekly position. Whatever AAPL does, I will likely sell another weekly on Thursday. I now have only 27% of my original intvestment at risk. Perhaps I'm being too conservative, but I don't want to get smacked around too much if AAPL falls.
Dave
I missed out on selling my AAPL $600 put, reached a high of $14, hopefully there will be a dip into close.
Alex asked the question about brokers, and I answered I prefer TK over OH, I said to myself if that's the case why not just transfer everything over to TK, and now I see on TK website you can upload all forms directly through the website, no mailing, faxing, emailing necessary, another + for TK, very nice, I don't know of any other brokerage which has this feature.
Jerry or any trader here, can someone tell me for example, if I buy AAPL 500 call for Jan 2013 and sell 600 for this month and the sell side is ITM money. Before expiration, is it possible someone exercise it? If yes, what happen for this case? I loss what I pay for my 2013 500 call? Thanks.
I just plotted your proposed trade, and it is very interesting indeed. You don't have to worry too much about early assignment as long as there is time value left, and there will be for AAPL. I have been assigned before, due to my own stupidity really, but it turned out to be no big deal. Tradeking simply loaned me the money to purchase the shares, and I sold them after hours to avoid any overnight risk. If you are assigned you can sell the LEAP, buy the shares and sell them, figure out if you are up or down when the dust settles. That's the way I understand it anyhow. I am a big TradeKing fan by the way. I had a question once that nobody was properly answering. Eventually, I got an email supposedly from the CEO, and I was very surprised he (or his agent/secretary) would even bother to contact me with my little account.
Dave
Rob,
What's interesting about that trade, if I understand it correctly, is the large spread between the break even points. You are proposing buying a Jan 13 500 AAPL call and selling a Apr 600 AAPL Call. The breakeven points are 576 and 781, so you make money if AAPL closes between those prices on the 3rd Friday of April. Of course, implicit in this trade is the belief AAPL will close at 600 at Apr expiration. The closer to 600 it closes, the more profit you have. Thanks for sharing.
Dave
I personally love Schwab, been with them exclusively for years. They have great execution of trades.
@luvtpa27, i used to trade short strangles exclusively. based on a book from '92 i sold OTM calls and puts on the OEX. it was very profitable for awhile. my issue was managing the margin requirements, since both sides are naked, and one moves closer to the market the margin increases on that side. so i signed up for portfolio margin (optionsxpress) which reduced capital needs by about 50%. so i maxed out on the new margin rules, only to lose all my winnings plus another 30k on one bad day. now i'm a spread trader, mainly puts. my maintenance requirements are fixed so it's one less thing to worry about. plus, my current platform TK doesn't offer PM, though they say they're planning to.
Glenn, I have a very conversative strangle,Appl sold apr 500 put and sold 720 call, appreciate your input
luvtpa27,
How do you select the option strikes for your conservative strangle?
Delta less than 10%?
steveal, I follow Jerrys policy. safe safer safest, What type of delta do you look for? Isnt a delat subject to change as the stock changes.
luvtpa27,
I'm just interested in how you selected 500/720 for your strangle.
I'm super conservative, I tend to select deltas just less than 5%, so they have a 95% chance of ending up out of the money at the time of selection. The deltas do, of course, change during the option cycle (due to price, volatility and time to expiration changes).
AAPL IV held up, and I sold the 620 call for next week. I will close both positions when and if AAPL crosses 620. I feel much more comfortable with this decision, as I should have a nice gain if I get stopped out, and I will still have a chance to perhaps be out when AAPL makes a correction. I will also be pulling in about 5% of my at risk capital in case AAPL just drops next week. NFLX is not cooperating, but I'll stay in my little position. Only 21% of my original investment is now at risk, if AAPL does tank. Sorry for jumping from one thought to the next there.
I've also been thinking about what Jerry said about time decay. It seems that not all time is equal. For instance, if you watch AAPL option values during a realtively calm day, you can almost watch the decay unfold in the morning and afternoon during heavy trading. The middle of the day results in very little decay. I suspect that the week's decay is spread out pretty evenly from Monday-Friday. The weekend decay is similar to an overnight decay, but maybe with a little extra decay.
Dave
STO TTWO $15 Apr Puts for $.20.
luvtpa27 - I don't know what month you're trading. i'm assuming Apr? with AAPL @ 600 you have 20% upside cushion, 17% on the downside. the delta is under .01 on both options meaning the market sees ~99% chance they'll both expire out of the money. that changes every day, up when the market moves closer to the strike, down with time decay. the net premium is $1.52 per contract which looks very solid to me. i prefer deltas below .05, your .01 is even better. good luck. i'm thinking of the same trade, or maybe naked puts around 500...
What just happened? At 9:00 mountain time the market seemed to stutter for a couple of minutes. I thought it was my computer, but the AAPL option quotes opened up to enormous spreads between the bid and ask. The stock price seemed to be hung up. Does anybody know what that is about? Perhaps it was my system somehow though.
Dave
Apple Shares Get Fat Fingered, Stock Resumes Trading
http://blogs.wsj.com/marketbeat/2012/03/23/uh-oh-apple-shares-halted-single-stock-circuit-breaker-triggered/?mod=yahoo_hs
Thanks for the info Ed. I'm glad for circuit breakers too.
Hi all, been without wifi for a few days. I will start a new post
jerry
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