The video that this transcript is based on appeared on Nov 12.
NEW YORK ( TheStreet) -- Apple's biggest selling season is the holidays. T3's Scott Redler tells investors whether the stock is a good holiday buy.
Good afternoon and welcome to the Tech Report. The NASDAQ and the tech sector both seem to be trading down today the Nasdaq did get temporarily into the green zone but couldn't hold it there. The largest stock Apple is up but not enough to pull the whole group with it. Speaking about all the new iPad Mini with Retina Display went on sale today two weeks after the full size iPad hit the stores, however there are worries that there won't be enough supply. If new products are going out other star well it could drive the stock price higher. Joining me today is Scott Redler he is the chief strategic officer at T3 Live. Will the holiday hoopla push the stock higher?
Well at this point I think people realize it's going to be an Apple (AAPL)Christmas the iPad's gonna sell the iPhones gonna sell it's just a matter of whether or not the stock needs more time to consolidate. As traders we love one apples on the move, it makes training a lot better you know but at this point it's in it's in a spot where it's not sure picket sustain the hundred-point movie just soap into quarters, or if he needs more time before it starts getting some momentum into the Christmas holiday.
Supply issues are the kind of thing that well, maybe that's a good thing that they ran out but it could also be perceived as well why did the horribly mismanage it they ran out of supply.
So it's almost like a double-edge sword right too much demand and the supply you'd think that Tim Cook will get it right as he was supposed to be an operations guy, but the bottom line is this stock performance and I think at this point it's really psychology. You look at the chart, the longer term chart of Apple, you'll see that there's been a lot of people kinda battered and bruised if you look back in over a year ago was trading above 700 before that huge drop all the way down below 400 but then it as you can see the lower level, it started to get under accumulation two quarters ago he was like a 420 got up its been acting better for the past four months. The question now is can we sustain a move above just say this 510-520 for additional gains above 525 that could take it to about 560 coming around.
Well as you mentioned that you know just recently we've seen it start to crawl its way back I mean it's really working hard to get back I if we look at it just on a short term basis what do you see?
Well that's what we're trying to look at it as traders it's been hard to trust Apple has to prove itself could see on that chart, you see that a line in the sand around 510ish, I think most active trade are going to be pretty optimistic and keep it on their a-list if it can stay above that. If it get some authority and trade above 525 and can close above that with volume, could be on a buyback announcement, maybe Uncle Carl says something different, or it could be on great sales like you saw when it popped on the iPhone data, that will be when he gets momentum so I think the line in the sand for traders is about 510 and a spot where they get a little more excited going over 525.