On CNBC's "Fast Money," Brian Kelly of Brian Kelly Capital said that he had decided to short Apple's stock during Thursday's session. "I've got a great risk-reward trade setting up here; $95 is where I shorted it today, $101 is my stop."
According to Kelly, Apple's current price action is reminiscent of the buildup leading to the release of the iPhone 5 in September 2012.
"You had the stock come right up to $100, you had all these things go on in August into September, and boom, the stock went from $100 down to $55. It looks to me like the same thing is going on here," he said.
Apple is widely expected to announce a new version of its flagship smartphone in September.
"I think all the good news is priced in," Kelly said, regarding the anticipated September release. "Once we get the iPhone 6 release, what else is there?"
Apple closed out the session down by a penny, at $94.48 per share.
—By CNBC's Michael Newberg