Need a Little Protection

Yesterday's downgrade of AAPL by two analysts caused me to declare defeat on my AAPL Mar135 calls. Even with what I think will be good news today and Thursday, it will be hard for AAPL to ascend in a negative tape and getting out early in yesterday's negative price action was worth about five points of downside.

My TIE puts also did not act as the hedge against the tape that I had hoped. The MM was defending the stock price yesterday while AAPL got crushed. I still have them and expect the stock to give a little more today.

So I need a little more protection. Maybe SDS calls or SPY puts. I have 45 minutes to think about it.

On another note, I have misread GRMN completely, letting a 25% profit go. It is now at my original buy point. I will hold unless it breaks $55.00. I will also add calls 90 days out if it bounces off this number. If it breaks $55, then I will be able to re-buy much lower.

Finally, I bought some GS calls yesterday. I may be a little early on this one, but I do not see GS going below $155.00 and will add more if the price gets cheaper. They are April calls.

Good trading.