Dan Nathan Sees Unusual Options Activity In Apple

Dan Nathan spoke on CNBC's "Options Action" about unusually high options activity in Apple Inc. AAPL ahead of an important event. He said that the options market is implying a 3 percent move in either direction this week.

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Call options volume was two times put options volume on Monday as a lot of short dated calls were traded. Nathan added that one bullish trade caught his attention. Somebody was rolling up and out, explained Nathan. A trader sold to close 4,000 contracts of the September 160 calls and bought to open 4,000 contracts of the October 162.50 calls for $3.90. The trade breaks even at $166.40 or 3.03 percent above the closing price on Monday.