Writes:
For options trader Tim Biggam, yesterday was the day he was waiting for in shares of Apple Inc. (AAPL)
The iPhone maker?s minute-long swoon starting 20 minutes after trading began contributed to the biggest jump in the Chicago Board Options Exchanges Apple Volatility Index in two years. The stock plunged almost 5 percent during one 60-second stretch and at its lowest point was down 6.4 percent from the previous close, the largest retreat since January.
Prices on bearish Apple contracts soared as much as 400 percent, a rare payday for traders who have added to such positions in the options over the past month. Before yesterday, Apple had rallied 48 percent in 2014 and was up 24 percent since global equity markets bottomed in mid-October.
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