“Shares of Apple have climbed nearly 20 percent so far this year, but according to one ‘Fast Money’ trader, the tech giant could be setting up for big losses in the coming months,” Michael Newberg reports for CNBC.
“On CNBC’s “Fast Money,” Brian Kelly of Brian Kelly Capital said that he had decided to short Apple’s stock during Thursday’s session. ‘I’ve got a great risk-reward trade setting up here; $95 is where I shorted it today, $101 is my stop,'” Newberg reports. “According to Kelly, Apple’s current price action is reminiscent of the buildup leading to the release of the iPhone 5 in September 2012. ‘You had the stock come right up to $100, you had all these things go on in August into September, and boom, the stock went from $100 down to $55. It looks to me like the same thing is going on here,’ he said.”
Newberg reports, “‘I think all the good news is priced in,’ Kelly said, regarding the anticipated September release. ‘Once we get the iPhone 6 release, what else is there?'”
Read more in the full article here.
MacDailyNews Take: iCal’ed.
[Thanks to MacDailyNews Reader “Jax44” for the heads up.]