×

Traders are betting Apple’s big run is far from done

As tech giant Apple soars to new highs, options traders are betting the rally is far from over.

Apple shares are up more than 14 percent this year, and now within $50 billion of hitting the $1 trillion market cap milestone. According to "Options Action" trader Mike Khouw, the tech giant could be gearing up for even bigger gains.

"The bullish flow in Apple options has continued," Khouw said Tuesday on CNBC's "Fast Money."

He noted that several traders on Tuesday were targeting the 195 call options, paying an average of $6.10 per options contract.

"This is a bet that [Apple is] going to be above $201.10 by August expiration," he said. At the current share count, Apple would need to trade around $203.45 to hit $1 trillion market cap.

Shares of Apple hit a fresh all-time high this week following its annual Worldwide Developers Conference. The gains also helping to lift the tech-heavy Nasdaq composite to a new high.

Shares of Apple were trading slightly lower early Wednesday afternoon, around $193.

Vote
Vote to see results
Total Votes:

Not a Scientific Survey. Results may not total 100% due to rounding.

Latest Video

Tutorials

Host Bio

  • Melissa Lee

    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

Options Action Traders

From Our Sponsor

Sign Up for Our Newsletter Options Action

Insight directly from the members of our Options Action panel
Get this delivered to your inbox, and more info about about our products and services.
By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.