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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