Apple Stock Nears Massive Milestone

Separately, the company is halting indoor traffic at its New York stores

Assistant Editor
Dec 28, 2021 at 9:52 AM
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FAANG stock Apple Inc (NYSE:SQ) is slightly higher this morning, last seen up 0.2% to trade at $180.62 ahead of Wall Street's open. Any movement in the positive direction is being monitored with enthusiasm, as AAPL needs only to trade at $182.86 per share for the company to achieve a $3 trillion market value for the first time. Earlier in the month, AAPL rose as high as $182.13.

Separately, the company announced the temporary closure of its 12 New York City retail stores to indoor customer traffic. This decision comes amid the Covid-19 omicron variant's rapid spread, and it's unclear how long the closures will last.

Apple stock rose above the aforementioned $182 level on Dec. 13 following speculation that headwinds may have been in the fold after a report that iPhone 13 demand had weakened. The 20-day moving average has helped push AAPL higher over the last month, with the security adding 15% in that time. Longer term, the stock is up 35.9% in 2021.

A shift in the options pits could help the shares hit their elusive goal, as options traders are pessimistic at the moment. This is per the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.04, which stands higher than 98% of annual readings. This suggests short-term options traders have rarely been more put-biased towards AAPL. 

Now could be a good time to weigh in on the stock's next move with options. Apple stock's Schaeffer's Volatility Index (SVI) of 26% stands higher than 26% of readings from the past year. This means options traders are pricing in low volatility expectations at the moment. What's more, the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 95 out of 100. In other words, AAPL has exceeded option traders' volatility expectations during the last 12 months.

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