Expiration Housekeeping

With June expiration today, I thought a little housekeeping would be in order.

On May 8th, Dan Nathansuggested putting on a calendar spread, where he sold the Apple June 140 call for $2.35 to finance the purchase of the July 140 call for $4.35.

Talk about turning time into money.

The premise for the trade was to profit from the fact that giddy equity investors had overpriced the stock heading into the developers conference. The better value was the July call. That 140 June call that you sold can now be bought back for for about $1.05, making for a cool profit of $1.35. Moreover, the July 140 call that you bought can now be sold for $5.05, or a handsome profit of $0.70. Net net, with a tiny bit of patience, you made a little over $200 bucks, or just enough to cover the cost of the cheaper version of the world's most over-hyped phone.

On to another matter. On "Called Out" last week, we grilled Stacey about the possibility of her getting clipped by her QQQQ condor trade. Turns out she escaped a loss, and can now buy back the short call that she sold as part of her condor. We called her out, but it turns out, she knew best, waiting almost up until the last minute to squeeze as much time premium out of that strike as possible. Some would chalk it up to luck. But having seen her brilliance first hand, I can tell you there was nothing lucky about it.

More on CNBC.com Including:

• Slideshow: Companies at Greatest Risk for Default
• Slideshow: Largest IPOs In US History
• Slideshow: Which Oil Producers Are Making Money?

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