Apple Computer (AAPL) is down $1.89 to $197.40 and falling to new session lows. The stock is within striking distance of its Jan 22 “pre-iPad” support lows around $197 per share. Meanwhile, trading in the options market remains brisk, with 47K Apple calls and 28K puts traded so far. There have been no big prints, however. The top trade is 211 Feb 220 calls on the bid, or $1.14 per contract. Looks like a liquidation, as the contract is now 11.5 percent out-of-the-money with three weeks of life remaining.