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Minyanville's T3 Morning Market Call: Futures Rise on Apple (NASDAQ:AAPL) iPhone 5 Launch, Reports of Spain Bailout

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Be cautious today due to quadruple witching. It's not worth placing big bets as you risk giving back hard-earned profits.

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US stock futures point to a higher open Friday, buoyed by excitement over the Apple (NASDAQ:AAPL) iPhone 5 launch and speculation that Spain could request a preemptive bailout. The Financial Times, quoting unnamed officials, reported that Spain is working on finalizing a series of economic reforms that will pave the way for a bailout. Spain is seeking the bailout before borrowing costs rise to unsustainable levels.

The risk-on environment continues as all shallow dips have proven buyable. Bears have not been able to get any traction and this healthy digestive action is constructive for another leg higher once we have fully worked off overbought conditions. Keep in mind that today is quadruple witching, so you could see some wacky moves in stocks.

Lines began forming at Apple stores 24 hours in advance of today's iPhone 5 launch, which is expected to shatter previous records. Apple stock is up 70% this year, largely in anticipation of the new phone, which accounts for the majority of Apple's revenue. The stock is set to open at new all-time highs today after selling off in the morning yesterday, and will likely be in play most of the day.
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DISCLOSURES: Marc Sperling is long AAPL, SLV, GLD, ANTH, ZNGA, ZNGA calls, MSFT, MSFT calls, FB, GRPN, MCP, GRPN, DRYS, LVS, MCP calls, DRYS calls, FB calls, DNDN, GMCR calls, RIMM calls, AIG calls, SPY puts, WLT calls, FAS, PXD, MLNX, TSPT, YELP calls,
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