T3Live.com's Scott Redler told the TheStreet's Debra Borchardt he wants to hear what management has to say.
The tech giant recently purchased mapping company Locationary and mobile application HopStop, while also being in the headlines for reportedly testing out larger screens.
So is it time to buy the stock? Redler, who said he's normally looking to play with a call spread, isn't quite ready yet. He said that he'd rather wait for the earnings results and company guidance during the conference call. One thing Apple does have going for it is that expectations are very low among analysts. Should the company beat estimates, it will probably spark some form of a relief rally, assuming guidance isn't terrible, Redler said. He pointed out that while the chart does have some downside support with a double bottom technical pattern around $385 per share, the stock has underperformed the S&P 500, which made another all-time intraday high on Tuesday. Redler added that if Apple stock can get above $440, which is resistance, it should be able to make a fairly quick move to the 200-day simple moving average of about $480. Redler concluded that it would be nice for the company to get some real positive catalysts. Devices such as the iWatch and some product refreshes -- with or without the larger screens -- would at least provide some positive chatter for the company. -- Written by Bret Kenwell in Petoskey, Mich. . Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV