Kevin Kelly's Alphabet Inc Trade

Kevin Kelly of Recon Capital Partners suggested on Bloomberg Markets a bullish options strategy in Alphabet Inc(NASDAQ: GOOGL) (NASDAQ: GOOG).

Kelly said that investors who missed a sharp move higher after the earnings report should consider an options strategy that offers an opportunity to get long at price level it traded before earnings or to get a 4 percent return. When the stock was trading at $800, he suggested a sale of the June 750 put for $29. If the stock trades above $750 at the June expiration, he is going to collect approximately 4 percent of premium. If it drops below $750, he would have to buy it at that price. With the premium collected, his entry point would be $721.