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Apple is looking comparatively cheap at these levels, so let’s look to position by selling an an out of the money put spread to take a guardedly bullish position.


Buy to open AAPL 5/20/16 88 puts

Sell to open AAPL 5/20/16 90 puts

0.30 net credit

Margin requirement is $170 per spread

Return on risk is 17.67%