Apple Steps to New Highs

This is my problem: At $55, I thought the iPod was just a variation on a Sony Walkman. Now at I think that staircase, a spiral one at that, is just way to move from back and forth from the first floor and second floor.

Don't think I'm anti-Apple. We do have a nice G5 at home, and I think it's a great machine. But I have to admit that purchase was driven by my wife who's business is based on graphic design.

Oh did I mention I'll be on vacation next week, and that may be why writing has become even more flip in nature? Just so you know where I really stand, I am still positioned to be a buyer if the S&P 500 dips to around 1420, and a seller above 1500. That, of course, means that on Thursday and today, I sold some of the lower strike Spyder Trust (SPY - commentary - Cramer's Take) calls that were part of a bullish butterfly spread in the Option Alert model portfolio. If the SPY rises above $153, I'll be looking at holding a bear call spread.

So while I'll be checking some prices on occasion, I wish you all a nice week(end), and as we like to say, see you guys soon.

ALL STEVEN SMITH BLOG ENTRIES | POST A COMMENT | READ COMMENTS  

---

Steven Smith writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He was a seatholding member of the Chicago Board of Trade (CBOT) and the Chicago Board Options Exchange (CBOE) from May 1989 to August 1995. During that six-year period, he traded multiple markets for his own personal account and acted as an executing broker for third-party accounts. He appreciates your feedback; click here to send him an email.

To read more of Steve Smith's options ideas take a free trial to TheStreet.com Options Alerts.