Serge Berger is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Strategist Serge Berger suggested that traders would not be wrong to short shares of Apple – though he recommended that the stock is better as a day trade than position. That's because the stock is "choppy," but is constrained within a nice range. "If you can get short this stock, by all means," Berger said as he gave his blessing.
However, for Berger, the stock is more of a proxy for the Nasdaq Index or PowerShares QQQ Trust, Series 1 (ETF) QQQ. Apple comprises roughly 15 percent of the Nasdaq's modified capitalization-weighted index.
Berger said that on Friday, Apple started to break down at the same time that the Nasdaq had a "horrendous outside day." After Monday and Tuesday's trading, Berger's prediction that "none of these things are holding up" seemed to be reaffirmed.
In the past five days, Apple shares have dipped nearly 4 percent. In Wednesday's premarket trading, the stock is rebounding slightly, up 1 percent to $110.18.
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