Kevin Kelly Revisits His Apple Trade

On May 23, Kevin Kelly of Recon Capital Partners suggested a trade in Apple Inc. AAPL. He wanted to take a long stock position and sell a call against it for $4.

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On Tuesday, he spoke on Bloomberg Markets about the trade and explained to his followers how to adjust the position.

The call option is now worth $1.50 and Kelly would buy it back and make a profit of $2.50. He suggested investors should hold the stock and sell the September 90 put for $2.20. He added that the stock trades close to its May 23 levels, but he expects it to trade higher on the iPhone 7 release.