Time to Buy Apple Stock? Pros Disagree
The stock market continues to post gains while Apple shares decline. So, is it time to buy the stock?
Joe Terranova of Virtus Investment Parters was a buyer.
"With the overall sentiment in the market being good, technology being good, I'm adding to Apple right now, doing it a little bit through the options market," he said. "And I think longer-term, that's the right trade to make."
OptionMonster's Jon Najarian responded to a question whether the broader stock market could continue to gain while Apple shares declined.
"Yes, absolutely, is the answer, and it has," he said, adding that there is "pretty significant evidence that it is coming out of bonds."
Najarian also said he thought money was flowing into the stock market from investors who chased gold toward $1,800 per ounce.
Pete Najarian, OptionMonster co-founder, said that every week, people ask if it was time to buy Apple.
"The time isn't yet," he said. "This has been a broken stock for a while."
Instead, Najarian said there were better plays available, noting that the XLF has performed "extremely well," as has stock in insurance companies, such as AIG.
"They will continue to perform," he said.
Trader disclosure: On Feb. 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long TBF; Steve Weiss is long RIMM; Steve Weiss is long AIG; Steve Weiss is long C; Steve Weiss is long PCAR; Jon Najarian is long CRR; Jon Najarian is long JPM; Jon Najarian is short CRR calls; Jon Najarian is short JPM calls; Jon Najarian is long IMAX; Jon Najarian is long ANN; Jon Najarian is long TER; Jon Najarian is long WHR.
