Historical indicators suggest Apple stock prices will lose 50 to 80 percent of its value from a high of $705, Heritage Capital President Paul Schatz said Monday.
Every bull market, he said, has a stock that can do no wrong, and Apple took that honor following the financial crisis.
On "Fast Money," he said that Apple stock would punish investors who bought in after its march toward a high of $705, putting the stock back around the $300 to $400 level.
"It's a wonderful company, fastastic products," he said, while making his bear case.
"Bear markets are very unkind," he said. "They punish the people that came in late."
Schatz said he did not hold any positions in Apple.
Trader disclosure: On Jan. 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long AAPL PUT SPREADS; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long RIMM; Pete Najarian is long SBUX; Pete Najarian is long SBUX CALS; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Brian Kelly is long QQQ; Brian Kelly is long XLK; Brian Kelly is long SPY; Brian Kelly is long TLT; Brian Kelly is long XLF; Brian Kelly is long JJG; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long S; Dennis Gartman is long Gold; Dennis Gartman is long Copper; Dennis Gartman is long S&P 500 Index; Dennis Gartman is long Natural Gas; Dennis Gartman is short Euro; Dennis Gartman is short Yen; Dennis Gartman is short Crude Oil; Dennis Gartman is short US 10 Year.
