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Exit Apple Today

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Apple Computer High

AAPL hit a high this morning of $117.87 after the iTunes news produced a very sharp spike. I believe we are close to a top in Apple with the iPhone slated to deliver around June 20th. Many analysts feel the expectations are fully priced in and further upside is limited.

I am recommending we close the AAPL $110 LEAP Call today at it's current bid of $28.30. We entered the Apple play to capitalize on the iPhone excitement back when Apple was at $102. We currently have nearly $11 in profit on this position (+62%).

Apple may continue to move higher but I am comfortable exiting here. Remember my slogan, "sell too soon."

Jim Brown

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