Apple shares rose 2.6% Tuesday amid a broader tech rout, extending their outperformance relative to the broader market. The 30-day correlation between Apple and the Nasdaq-100 index hit a low of negative 0.86, a level of inversion not seen since 2005. Over the past month, the stock has gained 7% versus only 1% for the Nasdaq-100, and options traders are clearly bullish with 1.5 million calls traded against less than 700,000 puts.
Source: Read the original article
