Is This the Ultimate Apple Contrarian Indicator?

Apple shares fell again on Monday. The once high flying stock is down about 14% in the past month.

And it's not just Wall Street that's taking notice.

In USA Today, Michael Wolff asked whether the age of Apple is ending?

"General Motors had three generations," he wrote, "IBM two; Microsoft one. Apple?"

If a mainstream newspaper is asking a question such as the one above – is it a contrarian sign of the bottom?

According to top trader Dennis Gartman possibly - it all depends on your time frame.

If you have a short-term time horizon, he thinks it is.

"The article suggests that everyone has caught onto the negative trend in the stock. Therefore, now is probably the time to buy. The stock dropped something like 22% from its highs. It's due for a bounce."

Trader Steve Grasso agreed. "I hear you. I can see playing it for a bounce, too," said the director of institutional sales trading at Stuart Frankel.

However, if you're a long term investor, none of the Fast Money traders consider the current level as an entry point.

"From a hardware perspective there are other people that have a comparable products that are far cheaper," said trader Tim Seymour, founder of Ultimately that would squeeze margins and present trouble for the stock.

"And there's a difference between Apple the stock and Apple the company, added Karen Finerman, president of Metropolitan Capital, implying that although the company may continue to prosper, the stock could trade lower.

"I think they need a new gadget," added Steve Grasso. "Another iPhone isn't enough anymore." Grasso is a seller of rips.

And technicals aren't good either, added Dennis Gartman, author of The Gartman Letter. "The stock has broken all kinds of trend lines."

All told, if you're a long term investor, the Fast Money traders think you'll be able to buy Apple at a lower price.

Posted by CNBC's Lee Brodie

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