Apple Short Activity Up 11% Since March 1

Karl Loomes, Market Analyst at Astec Analytics, told Benzinga that borrowing of Apple Inc. AAPL shares is relatively low over the long-term.

Since the beginning of March, however, Loomes noted that borrowing increased "at a fairly significant pace" which suggested "that short sellers may have been building positions ahead of today's event."

Related Link: Gene Munster: Apple Can Go Higher Than $700 Billion

Data from SunGard's Astec Analytics indicated that the number of Apple shares being borrowed climbed 11 percent since March 1.

Loomes felt that with Apple's share price slipping at the beginning of March, there may be "bearish sentiment on both sides of the market" which would not be a surprise given skepticism around the new Apple Watch.

Shares of Apple recently traded at $128.00, up 1.11 percent.

Posted In: Astec AnalyticsKarl LoomesShort IdeasExclusivesTrading Ideas