I agree, says Joe Terranova. Apple tends to be a cyclical trade and I’m long.
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Trader disclosure: On Aug 19, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (MSFT); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (MRVL) Calls, (BRCM) Calls, (CSIQ) Calls; Jon Najarian Owns (AAPL) And (AAPL) Calls; Jon Najarian Owns (C), (CSCO); Jon Najarian Owns (TSO) Call Spreads; Jon Najarin Owns (NVDA) And (NVDA) Call Spreads; Jon Najarian Owns (XTO) Call Spreads; Terranova Owns (AAPL), (BNI), (CME), (EOG), (FCX), (GS), (GOOG), (INTC), (KOL), (NOV), (POT), (RIMM), (SA), (XLF), (SU), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts; Terranova Is Short Crude Oil Time Spread (Short Dec. 2009, Long Dec. 2012); Terranova Is Long Crude Oil Futures (Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
(FMCN) Has Been An Investment Banking Client Of Piper Jaffray In Past 12 Months; Other Conflicts Of Interest For Gene Munster/Piper Jaffray: Underwriting (FMCN); Piper Jaffray Received Non-Investment Banking Securities-Related Compensation From (MCHX), (VCLK) In Past 12 Months; Piper Jaffray Is A Market Maker In (AAPL), (AMZN), (BIDU), (EBAY), (FMCN), (GOOG), (GSIC), (IACI), (MCHX), (PRTS), (SINA), (SOHU), (SYMC), (VCLK), (WWWW), (YHOO)