Apple shares got a boost Monday after the company announced that preorders for the iPhone 6S and iPhone 6S Plus were on track to beat the previous 10 million unit first-weekend record set in 2014.
"Customer response to iPhone 6S and iPhone 6S Plus has been extremely positive and preorders this weekend were very strong around the world," the company said in a statement, adding that demand for the iPhone 6S Plus in particular has been "exceptionally strong." The stock was up 1 percent midafternoon Monday.
But while many view the pop as a sign that things could be turning around for Apple, one trader is betting on another selloff.
"I have some concerns with the chart, and I think Apple is going to head lower," Andrew Keene said Monday on CNBC's "Trading Nation." Shares of the tech darling are down 14 percent from the recent high hit in late April.
Looking at a year-to-date chart of Apple, Keene noted that the stock has rallied to its key 50-day moving average, but for him, the recent price action is troubling. "One thing that is very important is to take a look at [Monday's] candlestick," he said, noting that despite being up on the day the chart is showing a red candlestick. "This tells me that price action and price momentum is negative," added Keene, founder of Keene on the Market. "I don't think the stock has enough strength and I see it heading down to that $105 level."
So to make a bearish bet on the stock, Keene used put options. Specifically, he purchased the Apple October 110/105 put spread for $1.00. This is a bearish strategy where a trader will buy one put and then sell a lower strike put to offset the cost.
The goal is for the stock to fall to the strike that was sold, or in Keene's case, below $105 by October expiration. That's more than 9 percent lower than the current stock price of around $115.
"If Apple rolls over, this is a great way to play it in the short term," added Keene.
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