Do Apple bulls finally have reason to buy?

Bulls have been looking for a signal that Apple is a buy. Has it finally come?

For investors who have been holding Apple stock since October of 2012, a big buy sign couldn't come soon enough.

Since last autumn the stock has slipped from $700 to less than $400 although it's made back some of the decline since that time.

With a market cap of $453 billion and a P/E ratio of 12.43, bulls insist the stock is cheap when compared to rivals. For example, Dell trades at an 18 multiple while Google trades at a 27 multiple.

Nonetheless, shares are been stuck in the mud for almost a year.

However, some investors are hopeful that's about to change.

A pattern in the chart of Apple is finally flashing a buy. Specifically, the 50 day moving average flipped above the 200 day moving average. That's widely considered a bullish development. In fact, technicians call the pattern a 'golden cross.

J.C. Parets, founder & president of Eagle Bay Capital, however, isn't so sure..

An American icon: the Apple store in Manhattan
Adam Jeffery | CNBC
An American icon: the Apple store in Manhattan

"The golden cross is nonsense," he said on Fast at 5. "I don't know who came up with the golden cross but I've never seen any evidence that it's a reliable signal. In fact, when it happened in early 2008 – it was definitely not the time to buy Apple. It was the time to sell."

Although the golden cross may not excite Parets, trader Jon Najarian, the co-founder sees other reasons to feel bullish. In fact he'd establish a long position before next week.

First, he thinks the previously announced event on September 10th will involve the introduction of a new 'super' iPhone, something he thinks will be bullish for the stock.

However, he also sees something else, something bigger.

"There's chatter on the Street that on September 11th Apple will announce a long awaited partnership with China Mobile.

China Mobile is the world's biggest mobile phone company by customers and the only one of China's big carriers that does not have an agreement with the U.S. tech giant.

"If that's the case, that's not a sell the news event," he said.

Najarian is putting his money where his mouth is. "I'm long spreads," he revealed. "I'm long a Jan 440 - 480 call spread and I've shorted 440 puts against it."

Trader disclosure: On September 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders; Dan Nathan is long TSLA; Dan Nathan is long CAT; Dan Nathan is long VIX; Dan Nathan is long XOM; Dan Nathan is long MSFT; Dan Nathan is long FXI; Dan Nathan is long WFM; Dan Nathan is long ZNGA; Dan Nathan is long XCO; Jon Najarian is long AAPL; Jon Najarian is long JPM; Jon Najarian is long BBRY; Jon Najarian is long FB; Jon Najarian is long GRPN; Jon Najarian is long MU; Jon Najarian is long COP; Jon Najarian is long SVU; Jon Najarian is long CIEN; Jon Najarian is long RKUS; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long NM; Karen Finerman is long JCP; Karen Finerman is long SPY; Karen Finerman is long FINL; Karen Finerman is long FL; Karen Finerman is long MDY PUTS