Apple continues squeezing higher. Note we have never closed here or higher… On June 11, in our note, Could the world’s largest “boring” become the world’s sexiest again?, we outlined our Apple logic and suggested to play a potential squeeze with cheap upside call/ call spreads. We specifically pointed out the cheap volatility; “Expressing views via options in Apple is becoming rather cheap, despite the stock not moving much lately.” Since then Apple is up some 20 bucks and who rolled those call spreads dynamically has made good money. Note that despite the surge in Apple, VXAPL has gained as well (double boost for the long calls strategy). We are not there, yet, but squeezing Apple and squeezing Apple volatility brings memories to last summer, when the surge in tech was accompanied with a surge in tech vol, which ultimately led to the top back then. Let’s see how this one plays out from here, but “booking” some of the Apple melt up move profit looks attractive as we hit all time highs (and/or roll partly into some higher strikes, but make sure to fill up the profit wallet).