“Growing fears of a Greek default sent both the S&P and Dow tumbling on Monday as investors fled the market with abandon,” Lee Brodie reports for CNBC.
“However, on the very same day shares of Apple made another new high,” Brodie reports. “‘Forget gold and Treasuries, the safe haven has become Apple,’ says an enthusiastic Fast Money trader Pete Najarian.”
Brodie reports, “And according to Najarian it seems likely that even more money is about flow into this stock. Looking at the weekly call options he sees strong volume in the 405, 410 and 415 calls. ‘That suggests options traders expect Apple to go higher very soon.’ And he doesn’t think Apple is just a momentum trade. Najarian believes the fundamentals also support the thesis. ‘They own the tablet market. They own the phone market. And they’ve got all that cash,’ he says. ‘All cylinders are firing.'”
Read more in the full article here.
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