For a bullish hedged play on this stock, I would consider an April bull-put credit spread below the $90 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 5.5% return in just two months as long as AAPL is above $90 at April expiration. Apple would have to fall by more than 29% before we would start to lose money.

AAPL hasn't been below $115 since May and has shown support around $123 recently. This trade could be risky if the US economy continues to worsen, but even if that happens, this position could be protected by the support the stock might find around $115, where it found support in the late summer.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in AAPL.