Jan puts -
I saw the dip today, so decided to sell some Jan 67.5 puts (got $1.40). I then placed a limit order to buy them back to close if they drop to $0.35. I figure, if Apple rises on some pre-announce speculation, I'll capture most of the profit w/o taking the risk of a big drop later. I may cancel the limit order at some point, if it looks like it will just expire worthless.
If I hold the puts, the stock would need to drop 6% before it got put on me, and 8% before I would be in the red. Even with all the possible action around the announcements, I'm fairly comfortable with those numbers. I expect the real longs will do even better, but this is a more conservative way to play it, IMO.
-KCMW