#SaxoStrats. UPDATE: Taking profit from Apple put
In anticipation of Apple's fiscal second-quarter results, we introduced an options strategy on Tuesday to take protection with a long Apple put. After Apple surprised the market with weaker-than-expected results and downgraded its third-quarter revenue guidance, the stock (AAPL:xnas) fell sharply, and this strategy with the June 17 put (AAPL/17M16P105:xcbf) has paid off well.
We are closing the position when the US cash equity market opens. We will close it through a limit order, which is best way to protect your execution in the US equity options market.
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