Fast Money Traders Stick With Apple

By David Russell

NEW YORK ( OptionMonster) -- Apple ( AAPL) paused for less than two weeks, and now the short-term upside activity continues.

Weekly options that expire this Friday dominate options activity in the tech giant having already traded more than 236,000 contracts. Volume at that single expiration month in AAPL is more than total volume for every other company in the market except for Bank of America ( BAC).

Calls at the 605, 610, 615 and 620 strikes lead the action in AAPL, with heavy buying across the board. Volume is above open interest in all four strikes, indicating bullishness into the close on Friday. AAPL hit a new all-time high and is up another 1.20 percent to $614.26 in afternoon trading. ( AMZN) is also drawing fast-money trades as buyers snap up its weekly 205 calls, 210 calls and 215 calls. Weekly volume in the e-commerce giant is approaching 48,000 contracts -- more than 27 times the average amount. AMZN rose 3.07 percent to $209.10.

Chinese Internet giant Baidu ( BIDU), which has been ripping in the wake of weekly call buying last week, sees more activity today at the 155 strike. Almost 8,000 of those have traded, roughly triple the open interest. BIDU rose 0.79 percent to $151.99.

American International Group ( AIG) is also returning to our monitors today as buyers snap up more than 10,000 March 31 calls. The March 29s are now trading for about $1.40, more than triple their $0.22-0.47 range yesterday. AIG rose 4.45 percent to $30.37.

--Written by David Russell of OptionMonster.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.