Minimize Options losses

I have a Apple call option expiry Oct 2012. I purchased the call at $60 and the current value is $40.What can I do get out of this trade ? 

My objectives are:

1. Close the trade
2. Minimize the loss
3. Minimize future risk

Thank you for your help.

I really wish i could tell you SP is wrong, but he's right.
"sell to close"


Risk.
Reward.
Survival.

Looks like he's got a 600 call. AAPL will have to grab $35 more without an IV rise to get back to $60. If you believe AAPL's earnings will beat this quarter, I'd sell it the 25th (the day after earnings).

There is a way to get back a little money while you're waiting around. You could use your 1 OCT call as your principle asset to sell closer calls against (600 or higher strike). So for example you could sell a $610 call tomorrow and buy it back a day or two later when it's worth a bit less, pocketing the cash. The idea is that you reduce your time decay due to theta between now and the earnings call.

If you think earnings won't beat estimates, I'd sell tomorrow as it's losing ~3%/day.

As a personal note, I don't think AAPL will go much higher than it's current price before earnings (might hit $615 again but no higher than $620 max) as everyone else is making estimates but they aren't doing as well as they did a year ago and AAPL's still only down ~6% from it's all time high of $644 which is much better than almost everyone else on the S&P500 (which makes it the best if you take into account it's market cap as well as growth rate over the past decade).

Everyone likes to say AAPL is still super cheap because it should be around $1000/share and that it's a safer investment than bonds but the lack of trading it's seen in the past 2 months says otherwise (it's avg volume has been lower than the rest of the market more than 75% of the past 40 trading days). Believe the price ranges and volume metrics more than any analyst's ratings and/or editorials on it as if it were REALLY that great, the volume and price movements would reflect it.