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I am a Apple Bull and I have also benefitted from synthetic longs. But you need to make sure you understand this type of option. You need to be careful about the put side of the transaction. One contract obligates you to buy apple at $54,000 if Apple is below 540 on January 2016. Also, remember this contract can be put to you at anytime between the time you write it and January 2016. So if some black swan hits the market and the stock market and Apple plunges, someone can put apple shares to you at anytime; so you need to be able to meet this committment.

I would not recommend the 540 Syn Long, again because of the put commitment. You can write a 510 Syn Long and still receive a small credit. 

John
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