"I don't know where it's going to end. It's going to end at $88 or $89," he said. "I'd rather wait a month, see what the product launch is, see if there's an ecosystem build going out there and then take a peek at it."
Apple stock closed at $98.94 per share, down 4.22 percent on Wednesday. The company is widely expected to release its new iPhone 6 and possibly a smartwatch next Tuesday.
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Private Advisor Group's Guy Adami shared Kelly's bearish view of the stock.
"If it gets below $98, I don't think you step in right away," he said. "I think there's a real chance that if it disappoints in anyway next week, you could see a stock that could trade down to the high $80s, high $80s meaning $88."
Karen Finerman of Metropolitan Capital Advisors said she was holding a wary position.
"I can't think of a stock that is more prone to sentiment changes than Apple, and I feel like the sentiment is actually changing a little bit here. And so I'd stay out of the way," she said. "I'm not going to cover my calls for a little while. I'm going to watch."
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However, OptionMonster's Pete Najarian jumped in after seeing heavy options trading in Apple stock.
"Over 2 million options total. It led everything, including all the indexes as far as how much volume was trading in there today. One-point-three million of those were calls. Extremely aggressive, and as a matter of fact, the implied volatility of the options today skyrocketed today from 24 to 36 percent in the Sept. 12," he said.
Najarian added that he expected the stock to climb well over the $100 mark.
"I still think at some point in time this stock gets to $110. I think in the short-term we still could test somewhere near that $105, maybe push up toward $107," he said. "That's why I bought those options today. I like the paper."
—By CNBC's Bruno J. Navarro