But there is a flip side.
“What there is on the other side of that chart is rising support levels and plenty of places to find a point of reference to put a stop in,” said Joe Terranova, trader and author of “Buy High, Sell Higher.” “I think if it gets through the 200-day moving average, it’s going to force a lot of money managers that have been sitting on the sidelines to have to buy the market.”
Jon Najarian of OptionMonster.com continued to see opportunity in tech rallies.
“I think you’re always foolish not to take money when you get the chance,” he said.
Najarian used Apple, whose stock hit $429.47 to set a new 52-week high, as an example.
“I’ve sold additional calls into it. I don’t think that they just grow straight up into the sky,” he said. “I think that you take advantage of opportunities like this. I’m leaving some out there still because I see some upside, but I am selling a significant amount of calls into it to take some of that money and sweep it back into my pocket where it belongs.”
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Trader disclosure: On Jan. 18, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long V; Terranova is long CSCO; Terranova is long TRLG; Terranova is long JNPR; Terranova is long DECK; Terranova is long NFLX; Terranova is long XOM; Terranova is long SBUX; Terranova is long AXP; Terranova is long EMC; Terranova is long MUB; Terranova is long IBM; Terranova is long UNG April $5 puts; Finerman owns AAPL; Finerman owns BAC; Finerman owns JPM; Finerman owns IBM; Finerman owns MSFT; Najarian is long AAPL; Najarian is long GS; Najarian is long LLTC; Najarian is long KBH; Najarian is long CQB; Najarian is long EMC; Najarian is long CREE; Najarian is long FCX;
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Stutland Equities holds hedged positions in VIX futures and options.
Stutland is long and short calls in AAPL
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