“Apple bulls appear to be taking to the options market to place long-term bets on the stock,” Alex Rosenberg reports for CNBC.
“Over the past few days, there has been a considerable increase in positions in the Apple 130-strike call option expiring in in January 2018,” Rosenberg reports. “About 10,000 of these contracts have been purchased in the past few sessions, representing positions on some $100 million worth of Apple shares.”
“Those buying these options will see profits on their position if Apple shares rise above roughly $133 by early 2018, which would represent a 36 percent rally for the tech giant,” Rosenberg reports. “‘Up 40 percent in 18 months sounds shocking — until you realize that Apple was trading at that level a year ago. So it’s definitely within striking distance to get to that point,’ Dennis Davitt of Harvest Volatility Management said Tuesday on CNBC’s Trading Nation.”
Read more in the full article here.
MacDailyNews Take: Apple stock’s last 12 months:
