However, the stock is still on track to log its worst performance in six years.
In 2008, Apple shares fell more than 50 percent. Since then, the stock has consistently risen 5 percent or more.
Max Wolff, chief economist at Manhattan Venture Partners, said the stock’s lackluster performance this year is likely due to concern about the completion of the Apple car, sales of the new Apple watch and more risk-averse investors.
“Some of the bloom is off the rose,” Wolff said Friday on CNBC’s “Trading Nation.” “I think that’s a little bit unfair. We still think it’s a great story, we still think its going to have a good six months, but some of the excitement and momentum traders have backed off, probably in part because of a risk-off general attitude in the markets.”
However, Wolff said Apple’s third-quarter earnings report, which is scheduled for Oct. 27, could bring some of that excitement back.
“We tend to see a little bit of a trail down in Apple going into earnings, we tend to see people be worried. And then we see the shares strengthen after the earnings are reported,” he said.
Heading into earnings, volatility in Apple shares are notably high relative to the broader market, Stacey Gilbert of Susquehanna said Friday.
“Apple seems to be unlikely to visit its lows or its highs, but there is some real energy built up in this stock where it could have some potential move, particularly as we get to earnings,” Gilbert said Friday on “Trading Nation.”
However, Gilbert said the options market is showing a very little chance that Apple will go back to its all-time high of $135.
“I can remember talking about how it’s going to be the next trillion-dollar company,” Gilbert said. “Now we’re kind of talking about how disappointed we are in the year-to-date performance.”