Kevin Kelly's Apple Trade

Speaking on Bloomberg Markets, Kevin Kelly of Recon Capital Partners suggested that investors should consider buying Apple Inc. AAPL. He said that there is not a lot of news right now and people are going to start buying the stock in September, with the release of the iPhone 7. Kelly thinks that it would be a good idea to buy the stock and sell the September 100 call for $4 against it. The sale of the call option offers protection to $92.43. If the stock trades above $100, Kelly would have to sell it at $100, but with the premium he gathered, he would receive a selling price of $104.