Kevin Kelly of Recon Capital Partners shared with viewers of Bloomberg Markets his trading idea in Apple Inc. AAPL.
The stock has moved significantly higher from its 2016 lows and Kelly suggested a trading strategy that allows investors to generate more income and to get some protection. He wants to sell the July 145 call for $2.75 against his long stock position.
The covered call strategy caps the selling price for the long stock position in Apple at $147.75, which is 9.43 percent above the current market price and it also offers a 2 percent protection on the downside.
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