NEW YORK (
TheStreet) --The markets were pulled down Wednesday by a big reversal in
(AAPL - Get Report) and another delay in Greece's debt deal.
The Dow Jones Industrial Average dropped 97.33, or 0.76%, to 12,788.95. The S&P lost 7.27, or 0.54%, to 1343.23. The Nasdaq fell 16, or 0.55% to 2915.83.
Melissa Lee, the moderator on
CNBC's "Fast Money" TV show, said Apple closed at $498, down 11.46, or 2.25% for the day.
Joe Terranova said he had been waiting for a pullback in Apple after its parabolic move higher following its earnings. He said Apple is trading more like a commodity future than a stock. He said investors should be less long in the stock.
Tim Seymour said traders seem to have been taking advantage of the Apple's parabolic move up after its earnings to short the S&P into expiration.
Lee said Apple is so huge that it contributed to one-half of the decline in the Nasdaq 100 and one-fifth of the drop in the S&P.
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Mike Khouw said the options activity in Apple was unusually strong, with most of the trades short term with an expiration for Friday.
Karen Finerman called today's trading "ridiculous," saying it's hard to believe a stock can lose $30 billion in market cap in two hours with nothing happening.
Lee indicated there were rumors that the Nasdaq 100 might rebalance to lessen the impact of Apple.
Carter Worth, a chartologist with Oppenheimer Asset Management, said Apple's technical behavior today had all the earmarks of a key technical reversal. He said Apple had been riding a mature intermediate move from $360 to $525 before today when it hit sharp new highs interday, closed at an absolute low, and saw volume expand dramatically.
He said he would take profits in the crowded trade, adding he sees the stock moving down to $450. He said investors would be taking on a lot of risk by "staying blindly in the name."
In the same vein, he said
is also at the end of a mature intermediate move after it jumped from $35 to $50. He said one one has to ask who's going to be the incremental buyer of the stock at this level.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts