Apple’s Latest Creation: iGottaHaveIt?

Wall Street is waiting with bated breath for Apple to unveil its ‘latest creation.’ Are we on the brink of something big?

Apple bulls are hopeful that the 'latest creation' will be as much of a game changer as the iPod was when it was first introduced in 2001. Who can forget that the iPod’s sleek design and quality performance catapulted MP3 players from gadget for geeks to the A-list, must-have accessory.

Although details about the new product are anybody’s guess, it’s widely believed that Apple is going to debut a new tablet – on the order of the iPod touch with widespread gaming capability.

PC World says the new device will also display new forms of magazine and newspaper content, movies and television episodes, and iTunes music with a focus on the iTunes LP.

The magazine also says, there is some debate over whether the new device will have a Webcam, and which operating system it will run.

Although a product launch of this magnitude combined with strong earnings on Monday would seem bullish, the company's shares often sell off right after a major launch, after months of rumor fueling big expectations.

What’s the Apple trade?

I thought the price action in Apple was atrocious, says Guy Adami. We had a big volume day around its 52-week high and that has always signaled a turn.

I would pick up the stock if it trades under $200, says Pete Najarian, and I expect to have the opportunity.

I sold a smidgen of my position in Apple on Tuesday, admits Joe Terranova but I still believe in the story. By Friday I think you’ll know everything you need to know to trade Apple going forward.

If you're looking for a related trade, I have to believe an Apple tablet is bearish for Amazon , If you’re aggressive you can short Amazon, says Adami. I think it’s heading to $106.


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Trader disclosure: On January 26th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AAPL) Call Spread; Najarian Owns (CTXS) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (MS), Is Short (MS) Calls; Najarian Owns (PFE); Najarian Owns (XLF) Calls; Finerman's Firm Is Short (IJR), (MDY), (SPY), (UNG), (USO), (IWM); Finerman Owns (AAPL); Finerman's Firm Owns (BAC) Leap, (BAC); Finerman Owns (BAC) Preferred, (BAC); Finerman's Firm And Finerman Own (GOOG); Finerman's Firm Owns (KFT); Finerman's Firm Owns (MSFT); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (WMT); Terranova Owns (BAC), (JPM), (XOM), (MMM), (FCX), (EMC), (AAPL), (DELL), (MSFT), (QCOM); Terranova Is Short (CMA), (ESS), (CAL); Terranova Is Long Copper Backwardation Futures; Terranova Is Long March 2010 Copper, Is Short July 2010 Copper

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (SKT)

For Brian Kelly
Kelly Owns (YHOO)
Kanundrum Capital And Kelly Own (BKS)
Kanundrum Capital And Kelly Own (EMC)
Kanundrum Capital And Kelly Own (VMW)
Kanundrum Capital And Kelly Own (ELX)
Kanundrum Capital And Kelly Own (QLGC)
Kanundrum Capital And Kelly Are Short (EWY)


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