'Options Action' Traders Weigh In On Apple, S&P 500, Crude Oil
On CNBC's "Options Action," Carter Worth said that he is a seller of Apple Inc. (NASDAQ: AAPL). He added that the stock didn't offer any protection on the way down, as it dropped 35% inline with the market and its relative performance has been stalling ever since.
Tony Zhang thinks that a decline in S&P 500 to the 2,200 or 2,300 price level is still a possibility, but later in the year. As markets can overshoot on the downside, markets can also overshoot on the upside, Zhang said. As the market continues to move higher, he is looking to fade the moves by selling some call credit spreads and than buying put options.
Mike Khouw sees a lot of weakness in crude oil over the coming months, but $16 would be a little lower than he would expect.
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