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Big Investors Selling Apple Ahead of Wednesday Event

If you’re looking for a sell signal in Apple, one many have just surfaced.

OptionMonster Jon Najarian spotted a big block sale of Apple stock.

“Somebody sold $9 million in a block trade,” he says on the Halftime Report. “The block of 16,780 hit the tape, it probably went into a dark pool, and then others raced ahead of it,” he explains.

In other words, a big investor put a chunk of stock up for sale, others saw the trade and they too sold out of their position.

Although we'll never know why for certain - the Fast pro has a theory.

Apple is holding an event on Wednesday and historically Apple shares run ahead of a new gadget launch and then sell-off, explains Najarian.

The action suggests big money investors expect the same pattern again.

Considering shares are trading at or near record highs, it's hardly surprising, says Najarian. “There’s are a lot of pressure on Tim Cook and Apple. "

And shares have already run substantially. "It has had a monster run since December," he says.

“I also think the play is short Apple,” adds Joe Terranova. “I suspect the next big move is to the downside.”

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Trader disclosure: On March 5, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is short GOOG; Terranova is short April gold futures; Terranova is short May silver futures; Terranova is long VRTUS; Terranova is long NXPI; Terranova is long IBM; Terranova is long MCD; Terranova is long LQD; Terranova is long EMC; Terranova is long MSFT; Terranova is long GS; Terranova is long JOY; Terranova is long OXY; Najarian is long WYNN call spreads; Najarian is long KERX call spreads; Najarian is long FIO call spreads; Najarian is long P call spreads; Brown is long RAX; Brown is long CLNE; Gartman is long corn; Gartman is long an “Asian” short term government bond; Gartman is long Soybeans; Gartman is long Gold

Gartman is long Copper; Gartman is long S&P 500 Index; Gartman is short Euro; Gartman is short Swiss Franc; Gartman is short Yen;


For Michael Harris
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