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Apple Put in Double Bottom: Fast Pros

On Monday, while most of America was talking about Facebook and the IPO debacle, the Fast pros were looking for opportunities.

And they found what they were looking for in Apple.

All the traders were impressed with Apple's price action.

“Apple’s low on Friday was within a stone’s throw of the low it made on March 6,"says Guy Adami.

That suggests the stock has put in a double bottom – a bullish technical signal. “I’d go long Apple against $530 looking for a move up to $585,” says Adami.

Trader Joe Terranova agrees. He says, “I like current levels as an entry point and I’d ride it out into the premiere of iPhone 5.”

Trader Jon Najarian shares the optimism.

He thinks Facebook’s IPO generated selling pressure as fund managers took profits in Apple, needing to rotate money into FB. “But now, that selling pressure is over,” he says, making the path of least resistance, higher.


Posted by CNBC's Lee Brodie

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Trader disclosure: On May 21, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long SBUX; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long AAPL; Joe Terranova is long HPQ; Joe Terranova is long LQD; Michael Murphy is long TGT; Michael Murphy is long ANF; Michael Murphy is long HD; Michael Murphy is long FCX; Michael Murphy is long SBUX; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU

Matt O’Connor
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CNBC.com with wires.