I've been a bull on AAPL since the lows in May of 2013. I think it continues higher over the long term. But I think short term we could see a very healthy pull back. One that might shake the confidence of those late to the rally and create a nice buying opportunity.
AAPL is overbought, and from several indicators looks to have reached a point of short term exhaustion.
I think the first area of support will be at $110. Analysts and investors have become increasingly bullish on the stock. The recent run up from sub $100 levels has been swift and painful for the shorts.
The longs, on the other hand, are sitting on sizeable gains. I think the money, short term, will be made trading for a pull back.
I like those $113 puts for next weeks expiration at $.96
I don't own any AAPL options yet, but I am looking for a position to capitalize on this possible pull back.