Given the buzz surrounding the improvements to Apple's Mac software that CEO Steve Jobs unveiled Wednesday, investors may be drawn to the stock.
But when trading Apple , the announcement of the latest "iLife" software suite doesn't matter, said the "Fast Money" traders. Technicals do.
If you're long, you have to trade the technicals, said Joe Terranova of Virtus Investment Partners. He recommends putting the stop at $291.
Steve Cortes, founder of Veracruz, agreed that Apple is "trading very technically at this point." Cortes noted that the stock is testing Tuesday's high of $314. Tuesday's low was $300, where "a ton of volume came in." He thinks a breakout in either direction has legs.
UNUSUAL ACTIVITY: PAN AMERICAN SILVER
Renown options trader Jon Najarian spotted some "unusual activity" in silver producer Pan American Silver Wednesday.
"A lot of puts and I mean a lot," said Najarian, co-founder of optionMONSTER.com. "Like four times the open interest has changed hands in November, the front month contract for Pan American ."
People became concerned when both gold and silver prices fell sharply Tuesday, Najarian explained. Both precious metals bounced back Wednesday and he thinks gold could still climb higher, but investors are still on edge. With the sudden drop in prices, many realized they've had a "tremendous run" and should try to set up a floor.
Najarian is not surprised to see the hedging.
CALL OF THE DAY: VMWARE
VMware caught an upgrade from Cowen & Co. Wednesday, as the firm gave the software company an 'outperform' rating after a 7 percent sell off Tuesday.
The company's bookings number disappointed when it reported quarterly earnings results Monday. But Gregg Moskowitz, a Cowen & Co. analyst, was willing to overlook the bookings number and upgrade the stock.
The bookings number disappointed in spite of revenue and earnings per share upside, Moskowitz explained. This was due to what's known as "tough compares." In other words, looking at the second quarter, VMware's sequential deferred revenue was 8 percent. If you exclude fourth quarter periods, which tends to be the company's strongest, this was the highest deferred revenue growth it's shown since 2008.