Trading Apple as it Approaches Bear Territory
"I think it provides great trading opportunities," he said, adding that he has not traded it since Thursday.
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"I'll point out that it hasn't broken the 200-day moving average and closed under it since Nov. 25 of last year," he added.
At that level, the stock "popped over 3 percent the next day," he said.
Najarian said he would be looking for "stabilization at this level," noting that Apple shares dropped to $588 on Wednesday and then rebounded above $600.
The stock would be considered to have entered bear market territory once it's down 20 percent or more.
"It's a bit surprising, quite frankly," said OptionMonster co-founder Pete Najarian, who added that the stock still appeared healthy.
"When you're looking at it from a valuation perspective, the cash flows and all the rest of it, obviously it's still a company most people would like," he said. "I'm looking very closely as it's resting on this 200-day. It's a bit concerning right now, but I don't know that I'm too concerned yet."
Najarian said he thought that a lot of the selling pressure on Apple came as the S&P 500 broke the 1,450-1,460 levels.
"When people are losing in one area, they're going to take off some of the winners," he said.
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