Aaple

I bought the Apple Inc. (AAPL) 315/320 call spread today about a half hour before market close for $4.50. On Monday, Steve Jobs announced that he was taking a medical leave from the company and the stock was his in pre-market trading and opened lower by about 5%. Apple managed to regain most of the loss by market close and was set to announce earnings after the close. My thesis is that the reaction to Steve Jobs news was probably a bit over done as the company's earnings would not be in jeopardy for at least a couple years even if Jobs were to have to remove himself from the company. Also, I figured earnings would easily beat estimates based on iPhone and iPad sales. After the close, Apple announced earnings well ahead of expectations and was trading around $345. I should be able to sell the spread for $4.90-$4.95 for a 8.9% to 10% gain before options expire on Friday.