Apple Investors: Be Prepared To Sell The News Thursday

Apple Inc. AAPL's stock came within pennies of hitting the $170 mark Wednesday as anticipation continues to grow ahead of Thursday's earnings report.

Many analysts are assuming at this point that Apple's fiscal fourth-quarter earnings report will be positive and any iPhone X commentary will also be encouraging. However, if the stock reacts positively and moves higher investors should be looking to sell their positions, Boris Schlossberg, foreign exchange strategist at BK Asset Management, said during a recent CNBC "Trading Nation" segment.

The problem Apple faces is that it has evolved to become a "luxury company," he said. And as an admitted "Apple fanboy," the company has lost a lot of its cool factor over the past two years as new iPhone release haven't "been up to spec in many ways."

At this point the "jury is very much still out," he also said. There is no doubt a large amount of enthusiasm but this needs to translate into consumers going out to buy the $1,000 iPhone. Apple's longer-term stock performance may not be reliant on the iPhone X saving its reputation as being a "cool" object.

"They certainly capped demand because they made a very small amount of supply so they created a very good marketing scheme for themselves," he also said. "But the question is very much open as to whether everyone is going to upgrade. I remain highly skeptical they are going to get the kind of demand the market is looking for."

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