On Monday the pros were closely watching the action in Apple , after the stock traded lower due to some attention getting analysis.

JPMorgan put out a note calling iPad orders into question.

According to analyst Gokul Hariharan, “multiple supply chain vendors indicate a 25% cut for 4Q11 iPad sell-in orders in the past 2 weeks, which would mean that Hon Hai’s iPad shipments may be down 25% quarter over quarter in 4Q11.”

If Apple’s manufacturing partner in China is indeed making fewer iPads, should you take developments as a big neon sign that says the economy is slowing?

Do so at your own peril, says pro trader Pete Najarian.

According to the Fast Money trader, Apple’s cut in orders could simply be a sign that Apple is making a transition from suppliers in China to suppliers in Brazil. "So it only stands to reason they'd order less from China's Hon Hai," he says.

As a secretive company, ”Apple frequently changes around its supply chain,” adds trader Stephen Weiss. "You shouldn't read into it."

In other words, don’t extrapolate developments to mean demand for iPads is waning. ”There’s no evidence out there that Apple has actually cut iPad orders,” Weiss says.

According to Najarian institutional investors appear to share that thesis. “Looking at the action in weekly options, big money is betting the stock will go right back to $410,” he says. “I think the pullback is a great opportunity.  I’m playing it for a pop.”

Trader Steve Grasso concurs. He suggests trading against $384 as a key level. “It’s the 50-day,” he explains. “I’m also a buyer of pops.”

Only contrarian Steve Cortes feels differently. “I’m short Apple,” he tells the desk. He thinks the JPMorgan note is just another sign of global problems. Cortes points to Fedex , which cited weaker electronic shipments out of Asia, lousy cargo data out of Hong Kong, and general weakness in the Shanghai stock market .

”All told, that says there’s trouble with tech,” he concludes.

What do you think? We want to know!