Apple (NASDAQ:AAPL) — This company’s growth has been spectacular with earnings increases of over 80% each of the past five years. The stock has also had a spectacular run this year, up over 60%.

Much of the stock’s move is based on new product development. The iPhone 5 is expected to be announced today, along with refreshes to its line of iPod digital music players. These announcements likely led to the stock’s recent pop from just over $600 to new highs above $680.

Technically AAPL had two strong reversal days (down) in the past 10 days, setting it up for a short-term pullback to its 50-day moving average at $629.

Traders (only) may want to short AAPL on an advance resulting from product announcements with a target of $630. Please check with your broker for any restrictions on short sales and ask about options strategies that would profit from such a correction.

Investors who hold Apple may want to consider writing AAPL Nov 660 Calls at $36.90, which would protect your position to below our trading target, but there is the risk that the stock could be called away from you if it is trading above $660 on the third Friday of November.