End of morning trading portfolio bullets:

• Getting several of the major idiot sellsiders to finally punt their ratings on Apple after this week’s “disappointing” product updates is very bullish for the long-term. They’ll have to upgrade again at some point in the next couple years on valuation alone, I expect. The fact that the stock bottomed intraday yesterday and is putting on some gains today is bullish for the near-term. I’m buying a little bit of Apple October $500 call options.
• I also like GDX’s big decline here. As gold has fallen, the miners have continued to be a higher beta version of the metal and we sold some GDX calls for big gains near the highs. I’m adding those back today, using January $32-$35s.
• Silver and gold are down big today, but are still up huge from the lows where I was loading up on the precious metals. I’m likely to buy back some of the many SLV call options we sold if it gets back down below $20, but not here at $21+.
• I’m going to sell about 1/5 of my Ciena, as it’s gotten to be my second largest position after continuing to spike so strongly as Apple fell. By buying a tiny bit of Apple calls and selling a tiny bit of Ciena, Apple will be again be a slightly bigger notional position in the portfolio.