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Technology Stocks : Apple Inc.

AAPL 268.22

-0.5%

1:13 PM EST

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To: Keith Feral who wrote (148341)	1/15/2013 8:11:14 PM
From: Trader J	Read Replies (1) of 213172

I think we're at the point where we can get the capitulation drop that I've been wanting but given the size of the volume into this decline, I don't know that there's going to be enough pain for that to happen if they try to shake it. I'm with you in that I think that $485 is pretty close to a closing bottom, perhaps $470 without really looking at things ... but that's splitting hairs. Depending on the action tomorrow, I may pick up some ITM calls for a longer term hold ... say 2014+ as well as some April ATM calls. I'm starting to feel really good about the decline into the valuation. Of course, that's using my standard positioning discipline of taking no more than a 33% first position on the ATM calls. For deep ITM calls, I often go to 50% if I'm very comfortable with the valuation. I'd like to see an open lower or a gap higher with a sell-off in the first 20 minutes ... but it's probably 50/50 now.

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