I chased after the $140 Oct '09 AAPL option and sold it for $13.50. I didn't want to let it get away, and had just read about the possibility of AAPL releasing a $99 iPhone. I should probably close out the $125 July put, but I'll wait and see if I can handle the stress levels associated with being leveraged this much. There are only 45 days left until July expiration, and I really want to hold until then. If AAPL retraces to $125 and is put to me then I'll sell the Oct '09 125 call to reduce risk.
Just the fact that I wrote "I really want to hold until then" tells me that I'm holding this put based on emotions, I can't leave $270 for holding on for 45 more days (that's a free burrito everyday). If this position goes against me, I will remember this post, and learn my lesson... don't value your portfolio in burritos.
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