Trade Apple, don't give up on it.

So Apple (AAPL) takes a 1.3% hit on trade-related news, while the S&P 500 walks back a more pedestrian 0.7%. Even the Dow Jones Industrial Average  , thought to be highly exposed to this type of threat, gave up (-0.9%) less ground than did Apple. Does America's most-valued corporation have a problem?

Foxconn Technology operates out Taiwan. Right? Hmm. Here's the deal, gang. Apple operates 40 retail stores in China. At first glance, Apple is not among the most-exposed U.S. corporations to Chinese revenue, but close to 20% of the firm's revenue is from the region, and Beijing could try to enforce its influence as the nation loses its ability to match the Trump administration on tariffs tit-for-tat.

Though President Trump has promised Tim Cook that iPhones manufactured in China will go untouched by these taxes for now, the Chinese government will certainly be able to interfere with supplies of parts and labor. In other words, Apple is exposed.

Unlike the other FAANG (Facebook (FB) , Apple, Amazon (AMZN) , Netflix (NFLX) , Alphabet (GOOGL) names, Apple is not insulated from current conditions. This will likely suppress the share price until good news breaks, in my opinion. It would not take much for Beijing to put the full weight of its support behind a firm like Huawei Technologies.

Huawei just happens to be the largest telecommunications equipment manufacturing company in the world -- and on top of that, it just happens to be Chinese. That firm was founded, and is run, by a former Chinese army officer, and has been labeled by the major U.S. intelligence agencies as "effectively an arm of the Chinese government."

For those holding the shares, there is good news. An Andrews' Pitchfork stretching back more than two years remains unbroken.

Even on a much shorter timeline, it becomes obvious that the stock's performance is ruled by technical factors more than anything else. My thought? If you're wearing these, you can probably keep a brave face until the $181 level cracks. That's where one would have to decide to either take their marbles and go home or add. Apple reports after the closing bell on Tuesday, July 31.

Last night, July 27 182.50 puts were still paying $1.10. The July 27 180 puts (even safer) paid $0.71. Know what? Seventy-one bucks pays for a nice lunch for you and a pal. If you have to choke in these, you will have picked them up at a basis of $179 and change, and there looks to be some more support around $177.

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At the time of publication, Guilfoyle had no positions in the securities mentioned.