I had a feeling shares of Apple (AAPL) would make a back test following the surge past $100 in recent weeks. While I was hoping $99 would hold, it didn’t, and it brought the Nasdaq down with it.

The tech index cleared the 4,600 level after reaching a fresh 52-week peak of 4,610 but crumbled to a low of 4,565 Wednesday as AAPL weighed heavily on the index. The close below 4,575 was slightly bearish, as there is further risk down to 4,550-4,500, but there is still a good chance that higher highs are in store.

While the fates of the tech-heavy Nasdaq and AAPL remain to be seen, there is a tech name that I am firmly bullish on: Fortinet (FTNT). The company provides network security and threat management network security solutions.

I originally took a bullish stance on FTNT stock in June, when shares were around $25. FTNT tested a low of $26.14 on Wednesday with support holding at $26 before rebounding to close in positive territory at $26.47. My near-term target for the stock remains $28-$30.

The best way to play the move up is with short-term options. I recommend buying the FTNT December 29 calls (FTNT141220C00029000). I entered at 95 cents, which is where the calls are trading now. My exit target for these options is $1.90, or a 100% gain if it’s realized.

But a word to the wise: I often talk about the first half-hour of the market being the “fish tank,” as rookie traders get excited and whipsawed in and out of positions. This is why I usually wait until after the dust settles to get into and out of positions later in the session.

Looking out to the month ahead for the broader market, I do see continued highs, but I also believe at some point this month volatility could get insane – which sets options traders up for some big returns or big losses, so stay on your toes. As for AAPL, perhaps, it’s possible I can get back in at $95 or make a bullish trade by selling put options down the road but, for now, I’m out.

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