What, Me Worry?

This morning we got perhaps the first good news out of Apple

since the

Apple

that it had pre-orders of over 1 million iPhone 4S in the first 24 hours the phone was available, setting a record by over 400,000 phones. J.P. Morgan was very positive on the news in a research report. In a note, J.P. Morgan wrote, "Apple commented in a press release this morning that pre-orders of the iPhone 4S topped one million in the first 24 hours of availability. This figure topped the previous single-day pre-order record of 600,000 held by the iPhone 4 and was the most of any new product that Apple has ever launched. The early demand of the new iPhone 4S reaffirms our view that the feature upgrades of the iPhone 4S along with the upcoming iOS 5 and iCloud elevate the Apple smartphone above the rest of the pack." It is simply incredible. Everyone on Tuesday was

that the iPhone 4S was unveiled, but not the iPhone 5. Many took the other side of the argument, saying that it was merely analysts, fanboys, and some in the press making a mountain out of a molehole. With pre-orders over 1 million, it appears the

really did not matter at all.

Those on Wall Street who were worrying about demand slowing appear to have been worrying about nothing. Demand is as strong as it ever has been, and with the addition of new carriers in both the U.S. (Sprint

being added) and outside the U.S., the availability to those who want the phone is becoming more rampant. This is especially important, going into the

which starts in just a few weeks. We may not have gotten the revolutionary design change that many were looking for in the iPhone 5, but the changes that were made from the iPhone 4 to the iPhone 4S are more than enough to continue the record breaking sales Apple has become accustomed to. The new A5 chips (which runs the iPad 2), iOS 5, and the new Siri assistant voice technology are significant changes. Some have even said that Siri could potentially be used in all of the Cupertino-based company's products, and may even be used in the

Having Siri change your channel for you or put on a new song while listening to your iPod is revolutionary. In addition to the specs mentioned above, the new iPhone 4S will be a world phone (running on GSM and CDMA networks), and tweaked the wireless networks and antennas as a result. Oh yea. It also includes a full 1080p HD resolution video, which Phil Schiller said, ""To many customers, this will be the best still camera they've ever owned, and the best video camera they've ever owned."

I guess all those worries were for naught, and that is why

Apple is up almost 4% today on this news. What. Me worry?

Traders who believe that the iPhone 4S will break sales records might want to consider the following trades:

Traders who believe that the pre-order sales will not lead to strong sales going forward may consider alternate positions: