As yet another investment bank raised its Apple

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[AAPL  Loading...      ()   ] stock target price Wednesday, “Fast Money” pro Joe Terranova was headed in the opposite direction.

“A very hard, difficult trade to make, but what traders do first is identify what their risk is, and the risk is known here: It’s a stop-close above the high that we made last week, so we quantify what your risk is,” he said. “The opportunities to get short Apple are few and far between. We’ve been playing it from the long side here, in essence, for the last two years. But it’s hard trade.”

On Wednesday, Credit Suisse lifted Apple’s price target to $600 per share from $550, highlighting the iPad and iPhone maker’s free cash flows and noting that it could pay dividends of up to $10 per share. It also maintained an “outperform” rating on the stock.

Terranova, chief market strategist for Virtus Investment Partners and a CNBC contributor, admitted the trade could get ugly, particularly if Apple announces a dividend ahead of a shareholder meeting on Thursday.

“If the announcement was to happen tonight, I would be one ornery individual tomorrow morning,” he said.

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But Terranova was looking at a short-term trade.

“You ignore the fundamentals here. You put your stop in, and it looks as though that sell-off we had last week, this is the perfect retracement. This is the box. This is the area that gets through. This is where, if it’s going to fail, this is the spot,” he said.

“What I’m playing is I’ve got this point of reference here of resistance at $516 to lean against. The downside potential, I think, is incredibly powerful, maybe back to all the way to $440, $450 on a break.”

Apple closed at $513.04 per share, down 0.35 percent.

Mike Murphy of Rosecliff Capital said he agreed with Terranova’s decision to short Apple and Google

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“I would even throw Amazon

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[AMZN  Loading...      ()   ] in there,” he said. “These names have run up so much, they’ve been priced where they can’t afford one misstep. All stocks retrace, and I think this could be a retracement model.”

Trader Stephen Weiss saw another way to play it.

“I see Apple as a market short. I don’t see it as a fundamental short here, regardless of what happens in the meeting tomorrow,” he said. “I just rather take easier shorts and short the market instead of shorting Apple.”

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Trader disclosure: On Feb. 22, 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 VRTS; Terranova is long MCD; Terranova is long EMC; Terranova is long IBM; Terranova is long OXY; Terranova is long HPQ; Terranova is long SBUX; Terranova is long SWN; Terranova is long MSFT; Terranova is long YUM; Terranova is long TBT; Terranova is long FXE; Terranova is long LPX; Terranova is long LQD; Terranova is short GOOG; Weiss is long HPQ; Weiss is long EUO; Weiss is long MOS; Weiss is long WLP; Weiss is long QCOM; Weiss is long HK; Weiss is long KEG; Weiss is long HAIN; Weiss is long VZ; Weiss is long SVU; Weiss is long BK; Weiss is long CHK; Weiss is long SMND; Weiss is long RIMM; Weiss is short ANR; Weiss is short MT; Murphy is long M; Murphy is short JCP;

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