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After issuing a mea culpa due to some sort of organizational and/or math error, the $10,000 portfolio that I am trying to double by the end of the year holds $16,857. Not bad, but not nearly in as good of shape as I thought I was.

Anyhow, on Wednesday, I let a gift from above get away from me. I had my eyes on Sirius XM (NASDAQ:SIRI) as it soared to an intraday high of $1.89 on news that Liberty Media (LINTA) won a court case. As I noted yesterday, the errant spike was a day trader's dream, but a long-term investors nightmare. I could have shorted that puppy and got things a little bit closer to $20,000.

In the above-linked article, I also warned against head fakes in Netflix (NASDAQ:NFLX). Little did I know that in addition to potential Facebook news, Michael Pachter from Wedbush Securities, of all people, would give NFLX a lift today on speculation Amazon.com (NASDAQ:AMZN) might want to buy it. As absurd as Pachter's line of thinking might sound, he's a sharp guy and his note moved the stock. Given the circumstances, I am steering clear of NFLX for the time being.

Thursday's market correction, however, provides a buying opportunity of epic proportions. I simply cannot pass it up. Not too long before this article hit the wire, I StockTalked the following on Seeking Alpha:


And I am long 3 Apple (NASDAQ:AAPL) Jan 2012 $400 calls for $35.55 apiece. I picked the January 2012 strike because I do not want to have to worry about time decay much right away, plus I want the chance to fully take advantage of the iPhone 5 launch in early October and Apple's next quarterly report shortly thereafter.

After deducting $10,665 to enter the AAPL position, the $10,000 portfolio holds $6,192 in cash. Stay tuned.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: $10,000 Portfolio Apple Update: Not Letting This Gift Get Away