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Two Ways To Play: 3G iPhone Priced To Move

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Strengthen your portfolio in good times and bad.

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Apple (AAPL) unveiled a new model of its iPhone today. According to Bloomberg, CEO Steve Jobs presented the first major makeover of the iPhone in an effort to gain more market share amongst business users.

The new version will run on 3G networks and will go on sale in 22 countries starting July 11. The model will sport features such as push technology, built-in GPS, and its battery will allow approximately 5 hours of 3G talk-time. Further, the model will download Internet content twice as fast as the prior model.

The 8GB version will sell for $199 and the 16 GB version will retail for $299.

Jobs expects to ship 10 million iPhones this year, more than double the number in 2007.

From the Bull Pen: The stock experienced tremendous volatility and received significant "sell-the news" reaction today. Behavior near the $180 level is key in the short-term but bulls might see an upside opportunity should the stock approach the $160 level.

From the Bear Cave: Bears might find a better downside play in the tech heavy Nasdaq 100 ETF (QQQQ) near the $48.40 level.
No positions in stocks mentioned.

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