Apple and Natural Gas

Apple once again is on its way to creating a lot of buzz with its products. The new iPods should be a brilliant upgrade to their existing lineup. They also dropped the prices on their iPhones to attract widen their potential customer base. As a result, I was surprised to see them get slammed by investors after their announcements today, but a lot of it may have been on the theory buy the rumor sell the news. There is also a concern on lost revenue, but the increased volume should take care of that in my opinion. They are unveiling it in Europe sometime next quarter and Asia sometime early next year.

I believe we are sitting in a pretty nice in our position and was checking into the January 160 options as a possible play. In regards to options, I was also thinking about selling a September $44 covered call on our latest UNG play. I am bullish on UNG but I don't think it'll hit $44 by the 21st, so it would be a quick cash play.

There were also three good articles on Dealbook yesterday in regards to Investment Banking. I was hoping to cover them last night, but after we ran the AM side a little long, I didn't think it was worth it. I would highly recommend reading them for those of you interested in the industry.
http://dealbook.blogs.nytimes.com/2007/09/04/tallying-up-the-hurt-for-investment-banks/
http://dealbook.blogs.nytimes.com/2007/09/04/pay-at-investment-banks-hedge-funds-ecipses-all-others/
http://dealbook.blogs.nytimes.com/2007/09/04/bankers-may-set-record-for-ma-advisory-fees/


Piece out
Joel