Call buyers in AAPL on Friday (the March 530 calls saw heavier opening volume) seemed to know something as the stock has impressively vaulted more than 1% this morning, bucking the overall market trend with the S&P 500 and more notably,the tech heavy Nasdaq, softer this morning. AAPL is of course the largest weighting in QQQ, with an 11.38% weighting these days (well off of its “peak high” market cap weighting back when the stock was $680).

The company’s earnings report is still a few weeks off, expected 4/22 after the market close, but it is worth noting that the stock at its worst, traded as low as a $375 handle just about one year ago, and has rallied an impressive 43% from trough to current levels inside of this year time period.

It’s easy to dismiss the move perhaps, since many longs likely saw profits rapidly disappear when AAPL initially took its fall from grace beginning in the fall of 2012.

AAPL of course has its impact on S&P 500 proxy ETFs as well, being the largest holding, so any substantial moves in the stock should be monitored closely as we head into core earnings season (2.84% weighting in S&P 500, ahead of XOM (2.52%)).

However, AAPL’s heaviest single stock exposure can be found in several Technology centric ETFs, and may appeal the most to those that like the prospects of being long AAPL, but are not willing to take the historically volatile ride of just being long the stock outright.

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