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Traders are starting to bet there's upside for Apple Inc (NASDAQ:AAPL) shares in the short-term after the stock fell more than 10% over the last month.
After noticing the increased call buying activity on Tuesday, Market Rebellion co-founder Jon Najarian decided to follow the traders into the short-dated Apple call options.
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When Apple stock fell below $140, "we saw people starting to nibble. Well, they took bigger and bigger bites today," Najarian said Wednesday on CNBC's "Fast Money Halftime Report."
The increased call buying activity was in Apple call options at the $142 strike that expire this week.
Related Link: What Are The Investors Doing With Apple
Najarian saw similar call buying activity in Netflix Inc (NASDAQ:NFLX) before it "zoomed to the upside." Netflix shows that people aren't selling everything when the market sells off, rather they are being selective, he said, adding it seems Apple is another one of the tech names "that's not getting wrecked."
"Apple is certainly one where we saw unusual activity today and I added to some of those calls," Najarian said.
AAPL Price Action: Apple has traded as high as $157.26 and as low as $107.32 over a 52-week period.
The stock is down 0.97% at $139.76 at time of publication.
Photo: courtesy of Apple.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.