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Facebook a ‘buy’ on momentum: Trader

Monday, 26 Aug 2013 | 1:20 PM ET
Facebook a 'buy' on momentum: Trader
Monday, 26 Aug 2013 | 12:13 PM ET
Momentum appears ready to take shares of Facebook higher through next quarter, Stephen Weiss of Short Hills Capital says.

Momentum appears ready to take shares of Facebook higher, Stephen Weiss of Short Hills Capital said Monday.

"This is a momentum market," he said. "You take a look at Tesla. You take a look at Netflix. You take a look at Green Mountain Coffee. If you've got momentum, you're going to go a lot higher. That's all the market cares about. That's why I bought it."

On CNBC's "Fast Money," Weiss said that he wasn't trading the stock for now.

You asked for it stocks
Dr. J admits he wishes he bought LinkedIn. And The Fast Money traders have the play on stocks viewers have asked for; including Home Depot, Blackberry, US Airways, and Potash.

(Read more: Facebook stock cracks $40—now what?)

"You can own it, carte blanche, into the next quarter," he said. "I think it's a good company. My concern was always valuation."

The Street CIO Stephanie Link cited a data point for Facebook's gains.

"But the ComScore data is why the stock is rallying," she said, noting that it was the "incremental new news" that sent shares higher.

(Read more: Top stocks with 5 percent growth: Pro)

Rosecliff Capital's Mike Murphy said that he had sold Facebook puts last week.

"I have a tough time jumping in up at these levels," he added.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long AAMRQ; Stephen Weiss is short FB; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long EBAY; Stephanie Link is long FB; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long FB; As of 8/21 Jon Najarian is long AAPL; Jon Najarian is long EBAY; Jon Najarian is long GRPN; Jon Najarian is long MSFT; Jon Najarian is long QCOM; Jon Najarian is long MSG; Jon Najarian is long TOL; Jon Najarian is long JCP; Jon Najarian is long HLF; Jon Najarian is long CREE.

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