Apple stock is testing a familiar floor today
Apple Inc (NASDAQ:AAPL) stock was last seen down 2.8% to trade at $251.70, amid mixed reports on the development of its foldable iPhone. While Nikkei Asia said the tech giant encountered “setbacks in the engineering test phase” that could lead to disruptions to mass production and shipments, Bloomberg News reported the new model remained on track for release later this year.
AAPL is set to snap a four-day win streak. A familiar floor at $245 is containing today's pullback, as it did back in January and October. So far this year, AAPL has shed nearly 8%.
Call outpace puts on an overall basis, but options traders have continued to increase their bearish positions. This is per the security's 10-day put/call volume ratio of 0.71 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that ranks higher than 89% of readings from the past yea
Options are even more affordable than they were during out last check-in. The equity's Schaeffer's Volatility Index (SVI) of 26% now sits in the 135h percentile of its annual range, indicating options traders are pricing in unusually low volatility expectations.