Year Over Year (YOY), the Tech Sector has outperformed the S&P 500 Benchmark Index by almost 10%. Most of the gains were driven by a flurry of M&A Activity, Stock Buybacks, Stock Splits, and of course, The Fed.

As we enter the second half of the year, the major players and fund managers are focused on one particular stock: Apple (AAPL) – mostly because despite Apple’s recent woes, it is still one of the most widely owned stock by Institutional Investors.

Anyone who follows the market knows that Apple (AAPL) has considerably underperformed the overall market, ever since it went from being a $700 Stock to a $300 Stock. A LOT of investors who were LONG Apple (AAPL), lost some serious money during that time.

An important thing to note here is that after Apple’s recent stock split, the stock currently trades at around $95. And even though the stock is much cheaper and affordable now, investors seem to be taking a Wait-and-See approach, rather than just flooding the market with BUY Orders.

So, what are investors waiting for?

Well, if you believe the rumors and internet bloggers, The iPhone 6.

And not just the bloggers, but some of my colleagues on Wall Street too believe that Apple will announce the iPhone 6 sometime in September of 2014. Despite this, a popular trade among Options Traders seems to be selling December Call Credit Spreads on AAPL at $100 Strike.

Call Credit Spreads? Why?

Well, there are multiple reason for doing so, but the most common one I’ve heard is that Apple might be bluffing about the iPhone 6; and instead, they’ll be announcing the iWatch at their next event – which makes perfect sense, as Apple had hinted at past developer conferences that they will be focusing primarily on the Apple TV and “A Revolutionary New Device” – which could very well be the iWatch.

Because of these uncertainties, going LONG on Apple (AAPL) at this point of the year, might not be a good idea. The best strategy would be to sit on the sidelines and take a Wait-and-See approach.

My price target for Apple (AAPL) is $80.