Hide out in this tech play while Apple, chip stocks fall on coronavirus weakness: Trader $AAPL $SMH $CRM (via TradingNation)
"I'd be watching my exposure to any of these chip names that have a lot of exposure to Apple," Cirrus, Skyworks and Qorvo being the top three, Tepper said.
Also on "Trading Nation," Bill Baruch, founder and president of Blue Line Capital and Blue Line Futures, gave a slightly more constructive outlook for Apple. "Be patient," he said, adding that Apple's stock hit his previous "upside target" of $324 not long ago, which represents a 200% retracement from its collapse at the end of 2018. A retracement occurs when a stock reverses a long-term trend and is often used by technical analysts to flag key levels when that stock's course could change.
Given that retracement, "there's definitely some resistance here we're struggling against regardless of the China news and regardless if there's new writedowns or new guidance to be moved lower," Baruch said. "Ultimately, looking at the Apple chart, there's a lot of support down here at [$]300," he said. "You've got a nice little trend line coming in just above $300. You've got the 50-day moving average trailing that. That's where you want to be looking to be a buyer in Apple.
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