Apple Stock Level to Watch: Najarian

Apple Stock Level to Watch: Pete Najarian

The "Fast Money" traders look at activity in shares of Apple, and the level to keep an eye on. The stock was moving on a false rumor about something Tim Cook allegedly said at a Goldman conference. The conference doesn't take place till next week.

Apple stock traded higher midday Wednesday, possibly leading to the start of a recovery, OptionMonster's Pete Najarian said on CNBC.

"Fundamentally, there's nothing wrong with Apple," he said. "There was nothing wrong at $700."

Technically, however, the stock broke through levels that made investors stay away, Najarian added on "Fast Money."

With all of the challenges for the company already known, Apple shares could be poised for a long-term bounce, he said.

The target, Najarian said, would be several days of the stock closing above $465 per share.

"We start to close above that for multiple sessions, now maybe Apple starts to trade back once again on that fundamental story, which is monstrous cash, you love the stock and you love what they've got innovative-wise going forward," he added.

Trader disclosure: On Feb. 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBRY; Pete Najarian is long BBRY CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long NFLX CALLS; Pete Najarian is long SCCO CALLS; Jon Najarian is long TLT PUTS; Jon Najarian is long BBRY CALLS; Jon Najarian is long DIS; Jon Najarian is long COH; Jon Najarian is long HUN; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long MJN; Joe Terranova is long JPM; Joe Terranova is long DIS; Joe Terranova is long GS; Joe Terranova is long SWN; Joe Terranova is long XOM; Joe Terranova is long AAPL $470 CALLS; Stephen Weiss is long GMCR; Stephen Weiss is long SCCO; Stephen Weiss is long BAC; Dennis Gartman is funds short EURO; Dennis Gartman is funds short YEN; Dennis Gartman is funds US10Y; Dennis Gartman is funds long AUSSIE; Dennis Gartman is funds long GOLD; Dennis Gartman is funds long COPPER; Dennis Gartman is funds long S&P 500;

For Glen Yeung
Citigroup Global Markets Inc. owns a position of 1 million USD or more in the debt securities of AAPL; Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from AAPL; Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from AAPL.