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En Seeking Alpha, Michael Blair dice:

With respect to those who choose to be bullish, I am bearish on Apple. I will open the New Year with a short position. Accordingly, I have purchased Apple puts with a $500 strike price expiring in April 2014.

I believe Apple shares are vulnerable because the company’s financial performance is highly dependent on iPhones sales in a market that is maturing and where Apple has been losing market share. Prices and margins in that competitive space are under pressure. Electronic device prices tend to fall over time as component prices fall, a trend well established in the PC industry where laptops have fallen from over $10,000 to less than $500 over 20 years.

Competitive ecosystems that rival Apple’s now exist. Microsoft is making a determined move into smartphones. New entrants like Xiaomi, Coolpad, Micromax, Oppo, Gionee and others are finding customers and growing quickly. …