From: Ens, Amanda < Sent: Thursday, March 30, 2017 2:18 PM To: Jeffrey E. Cc: Richard Kahn Subject: RE: AAPL trade recap Jeffrey, > We still have high conviction on replacing long AAPL stock positions with calls or call spreads. Buy May 19th $150 call for $2.15 or Buy May 19th $150/$160 call spread for $1.70 or Buy May 19th $150 call /sell a $160 call with a continuous knock-in at $170 for $2.15 (pay $0.45 more to get an extra $9.99 potential upside participation) Buy June 16th $150 call for $2.90 or Buy June 16th $150/$160 call spread for $2.05 or Buy June 16th $150 call /sell a $160 call with a continuous knock-in at $170 for $2.60 (pay $0.55 more to get an extra $9.99 potential upside participation) Buy July 21st $150 call for $3.75 or Buy July 21st $150/$165 call spread for $3.00 From our derivatives strategist: Since its pre-election lows on 4-Nov, AAPL has gone up 30%, climbing last week to its all-time highs and recording the second best performance among the 50 largest stocks in the S&P 500 (albeit at almost half the volatility). With 3m ATM implied volatility having trended lower for the past two years and currently sitting at its 6th %-ile, we favor replacing long stock positions via cheap calls to maintain upside exposure while limiting losses to the (low) upfront premium paid. EFTA_R1_01898873 EFTA02654443