Apple Traders Are Betting The Worst Is Over

Shares of Apple Inc AAPL tumbled nearly 6% on Thursday amid a broader sell-off in tech stocks.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said the stock traded in big volumes on Thursday. Apple’s stock traded over 1.5 times its average daily call volume, representing more than a million contracts, he added.

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There were buyers of 43,500 of the May 13 weekly 165 strike calls at an average price of $1.31 per share, Khouw mentioned. The buyers are betting Apple will rebound by next Friday and regain the losses made on Thursday, he added.