Apple is looking bullish even though they released better than expected earnings, reports Jay Soloff.
This past week was characterized by robust action in the big tech names, with Apple (AAPL) and Facebook (FB) posting very strong earnings. AAPL in particular released better than expected earnings, and also announced a 4 for 1 stock split. Since splits tend to have a short-term bullish impact on the stock price, it resulted in a hefty amount of calls trading on AAPL the day after the announcement. Of the 2.1 million options that traded on AAPL last Friday, about 70% were calls, with several large, bullish trades taking place.
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