Option expiration is upon us. It’s time to either roll to July or uncover.

Keep in mind the auto-assignment has been changed from $0.05 to $0.01. So if you own an option a penny in the money you will be forced to take assignment if you don’t exit June contracts today.

Next week RIMM, Research in Motion the blackberry maker, will announce earnings which is sure to have an effect on Apple. Lately, RIMM has enjoyed a good rally and the expectation is to “beat” expectations.

As for Apple, the STP and the LTP have shorted either the $175 or $170 calls. Both portfolios will have a similar stance on how to play today. We’d love to see them expire worthless but it is unlikely. $177 has been a good level of support and today it is the 1st Support which Apple is moving towards. We will look to do the follow trades:

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