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Apple Could Be Setting Up for a Rally: Pro

Tuesday, 20 Nov 2012 | 5:35 PM ET

Apple's stock action could be setting up for a rally next week, Dan Nathan of RiskReversal.com said Tuesday on CNBC.

On "Fast Money," he said the slowing decline in Apple's share price was a positive sign.

"I think it's pretty darned good," he said. "I think you need to see it stabilize here."

Apple Stock Action 'Pretty Darned Good': Pro
Apple's stock could be setting up for this sort of action next week, Dan Nathan of RiskReversal.com says.

Nathan expected the stock to climb back toward a top of $600 per share.

OptionMonster.com's Jon Najarian said he was "selling the straddle in the near-term."

(Read More: Hewlett-Packard: Value Trap or Bargain Stock?)

"I think it will continue to move up," he added, also calling a $600 top.

Trader disclosure: On Nov. 20, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long GS; Jon Najarian is long JPM; Jon Najarian is long FB; Jon Najarian is long PHM; Jon Najarian is long WMT; Jon Najarian is long TJX; Jon Najarian is long ESV; Jon Najarian is long XHB; Jon Najarian is short puts in GLD; Jon Najarian is short puts in AGQ; Jon Najarian is short puts in SLV; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Jon Najarian is long GLUU; Keith McCullough is long MS; Keith McCullough is long XLU; Keith McCullough is long TLT; Keith McCullough is long SBUX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long JCP; Karen Finerman is long M; Karen Finerman is long RLGY; Karen Finerman is short IWM; Karen Finerman is short SPY; Dan Nathan is long AAPL NOV WEEKLY 580 CALL SPREAD; Dan Nathan is long WFC JAN 36 CALLS; Dan Nathan is long INTC NOV WEEKLY 20 CALLS; Dan Nathan is long CSCO DEC 16 PUTS; Dan Nathan is long YHOO JAN 17.5 CALLS; Dan Nathan is long MSFT JAN 26/24 1X2 PUT SPREAD; Dan Nathan is long JCP NOV/DEC 18 CALL SPREAD.

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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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