NEW YORK (TheStreet) -- With an Apple (AAPL) product launch reportedly scheduled for Sept. 10, should traders buy ahead of the announcement? TheStreet's Debra Borchardt spoke to Scott Redler, chief strategic officer of T3Live.com about his game plan.
Redler said it is irresponsible for Larry Ellison, CEO of Oracle (ORCL), to go on Charley Rose's television program and say Apple will fail without its former CEO, Steve Jobs.
Redler said it's nice to see a product refresh, as Apple is rumored to be doing, and perhaps we will see more innovation with the rumored iWatch. Also, Apple is not headed down the same road as BlackBerry (BBRY).
Although the stock has performed poorly for most of 2013, it's now up more than 10% in the past four weeks. Redler said that with the scheduled event almost a month away, there's plenty more upside potential left.Apple was been able to hold its post-earnings gap, and continues to rise to its 200-day moving average. As long as the stock can hold above that level, Redler said the stock should be able to reach $500 without a problem. He added that sometimes with Apple it's a "buy the rumor, sell the news" type of event, but traders are much more optimistic on the stock than they were a few months ago. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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