Will Apple Recover Gains Next Week? Here's What The Options Are Saying

On CNBC's "Options Action," Tony Zhang of OptionsPlay said that Apple Inc AAPL was very active on Wednesday, with 3.7 million contracts traded. This is more than three times the average daily volume, he said.

There was one trade of 3,042 contracts of the December 10 weekly 167.5 calls at an average price of $4.43, Zhang mentioned. That represents a premium of $1.3 million being “put on the line to bet that Apple will be above $172 by next Friday,” he said.

“That’s a fairly bold short-term bullish bet” in “what is inarguably a fairly challenging market,” Zhang said.