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October 10, 2012  Wed 2:36 PM CT

AAPL: SEE CHART GET CHAIN FIND STRATEGIES
As Apple fights its way higher against a negative tape, weekly contracts top today's option activity in the name.

AAPL is up 0.8 percent to $641, making up for yesterday's losses, but the stock is still well below last month's high just above $705. The company's earnings report is still two weeks away but, given all the option volume today, you'd think that the news was coming out tomorrow.

More than 594,000 options have changed hands, with 360,000 calls. Roughly half of that is in the weekly options expiring this Friday.

The top strikes are the Weekly 640, 645, and 650 calls, each with more than 23,000 contracts and volume that is more than double their respective open interest. The volume is mixed, though buying does outpace selling at the top 640 strike. Given the contract sizes, most of the action is in retail trading with small prints.
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Options Academy: At the Break

So far, my articles have taken you through a logical progression of option theory and fundamental concepts of options. As of yet, I have not mentioned a single strategy and for a good reason! The actual application of a strategy should come AFTER you learn about the option product itself.

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