Apple Weekly Put Spreads: Great Call, or Greatest?

On last Friday's Options Action, Dan Nathan of Riskreversal.com suggested doing the unthinkable: betting against Apple as the company geared up to release it's iPhone 5.

Apple iPhone 4S
Source: apple.com
Apple iPhone 4S

And while the technorati are decidedly nonplussed with Apple's latest offering, Options Action fans must be positively giddy over Dan's trade.

Specifically, he suggested buying the weekly, 375/365 put spread for $2.50, a trade that is profitable if Apple stock trades between $372.50 and $365 by this Friday's expiration.

At one point today, the trade was deep in the money, with Apple trading as low as $354.24. But a late day rally sent Apple shares well off its lows.

So is Dan staying long the trade?

"I sold it," said Nathan. "Took my money and ran."

So was it simply a great call, or perhaps the greatest ever?

Said Nathan: "No comment."

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    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

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