Web Extra: Burned By Netflix

Moving to the sidelines in Netflix may have looked like a smooth move at the time, but as it turned out, Steve Grasso fumbled this play.

The Governor made the fateful call on April 25^th as a bet that after gaining more than 130% over the span of 52-weeks, the stock was out of steam – and if anything the next move was lower.

”Everyone seems to be short this trade, and you know what? It takes a lot of guts, but guts doesn't necessarily make you money here,” Grasso said at the time.

“I'd be very careful. I’d stay clear.”

As it turned out the shorts got squeezed – and the cautious were left in the dust. Since Grasso’s call, shares of Netflix have climbed 14% higher.

So what does he have to say about this stock now? Find out in this web extra. Watch the video now!

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Trader disclosure: On June 2, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by “Fast Money” traders; Terranova owns (XOM); Terranova owns (KSS); Terranova owns (CVI); Terranova owns (OXY); Terranova owns (TM); Terranova owns (BJ); Terranova owns (DIS); Terranova owns (PFE); Terranova owns (V); Terranova owns (HPQ); Terranova owns (FLX); Terranova owns (JPM); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (VRTS); Terranova is short (DELL); Grasso owns (AKS); Grasso owns (AMD); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (C); Grasso owns (D); Grasso owns (HOV); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Adami owns (AGU); Adami owns (C); Adami owns (INTC); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU)

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