Not So Fast Jon Najarian – Your Groupon Trade Tanked

A long position in Groupon looked like a hot trade but so far all its done is burn Jon Najarian. Now what?

Najarian made the call back on May 14^th as a bet Groupon was due for a short squeeze.

“They released significantly better guidance. I think that augurs well for anyone in the long seat. People in the short seats are going to be chasing here pretty big,” he said at the time.

As it turned out the long trade was the wrong trade.

Since he made the call, shares of Groupon slipped 20%.

Now what?

“It was a bad trade and I’m out of it,” admits Jon Najarian. But down around $8 I’d take a look at the stock again. If I see institutional volume moving into the stock, I’d hit the buy button.”

Posted by CNBC's Lee Brodie

Read More from Fast Money:

> Simple Strategies Behind Supersized Successes

> 10 Top Stocks for the Long-Term Investor

> Top Apple Related Stocks for 2012

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to [e-mail].

Trader disclosure: On July 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long GS; Joe Terranova is long JPM; Joe Terranova is long SBUX; Joe Terranova is long MNST; Joe Terranova is long NKE; Joe Terranova is long WFM; Joe Terranova is long MAR; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI

For Willie Williams
Nothing to disclose

For Fred Cannon
KBW expects to receive or intends to seek compensation for investment banking services from in the next 3 months from C
KBW currently makes a market and/or acts as a liquidity provider in C
KBW expects to receive or intends to seek compensation for investment banking services in the next 3 months from BAC
KBW currently makes a market and/or acts as a liquidity provider in BAC
KBW expects to receive or intends to seek compensation for investment banking services from in the next 3 months from GS
KBW has received compensation for investment banking services from GS
KBW currently makes a market and/or acts as a liquidity provider in GS
KBW expects to receive or intends to seek compensation for investment banking services in the next 3 months from JPM
KBW currently makes a market and/or acts as a liquidity provider in JPM
KBW expects to receive or intends to seek compensation for investment banking services in the next 3 months from MS
KBW currently makes a market and/or acts as a liquidity provider in MS
KBW expects to receive or intends to seek compensation for investment banking services in the next 3 months from WFC
KBW currently makes a market and/or acts as a liquidity provider in WFC

CNBC.com with wires.