I mentioned on Friday I wanted to go ahead and delta hedge Apple. I was given a gift of good fortune with the announcement Berkshire Hathaway made an investment in Apple. This helped me sell my calls for more than I expected. I used the proceeds to buy puts spreads. The goal is to match Apple's move, hopefully dollar for dollar. It's definitely a hedged strategy and can be expensive if the stock goes up. I am thinking Apple will continue going down at the moment. I don't plan to change until Socrates says otherwise on the monthly, quarterly, and yearly time frames.
Long Apple and DIA
Long Oct '16 90 Puts
Short Oct '16 80 Puts
Disclosure: I am/we are long AAPL, DIA.
Additional disclosure: As mentioned, I am buying and selling options. I will adjust my positions as needed due to the speed with which options change in value.