Options MMs don't know everything and neither control everything.
Yesterday (Wednesday) I bought 50 APA Dec 120 calls and 50 RIG dec 75 calls.
I placed the order between bid and ask and got the fill in less than 2 minutes. Paid 18 cents for the APA and 22 cents for the RIG.
By your reasoning I had been duped.
I sold them all over 50 cents x contract today.
As long as there are more stock buyer than sellers, the option MMs adjust accordingly... don't forget, they also deal puts.
The issue with AAPL is that both bulls and bears use the stock to manipulate the indexes and the futures, both because the psychological influence and the sheer size influence it has on the indexes. Ergo, on down days bulls (Fed) may be more incline to provide a bid on AAPL and subsequently on the market. On up days, bears may be inclined to hit AAPL to cool things down.
Once there are real news and big volume, they will leave her alone.
With AAPL, I agree 100% on your call for LEAPs. My biggest concern with leaps 2 years out, and I apologize in advance for saying this to those who will be offended, is the health of Steve Jobs. His illness is terminal....and I think when he takes permanent leave from the company, it will kill the stock for 6 months.
I would wait on Leaps until the dead period for AAPL and other tech companies is over.
I hear you but, not exactly in agreement. I know many times it seems like the stock PPS plays to the options but in reality, it's the other way around. It is however an indication of just how sophisticated and to an extent how accurate that today's options systems are.
Look, understand price action especially stocks near all time highs, especially when that all time high was a 60 second spike AH or PM. Typically when they return to that level, barring an outrageous event, it's a slow grind, resistance, sometimes several times, break thru, then the cycle repeats. That's what AAPL's experiencing right now.
The up side - it's building one heck of a base and the bottom resistance rises every day. IMHO you see minimum mad swings over the next 4 to 6 weeks.
Can a few more occur? Absolutely but you'll see them at a diminishing pace while we take that slow choppy grind with an occasional spike-n-return, hour-slip-n-dip, unti we pop that 330 cork New Years Eve.