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%