Once in a Lifetime Opportunity to Buy Apple?

"I see the decline in Apple as similar to the decline in the market back in 2009," explained Terranova. "That was the buying opportunity of a generation for S&P and this is the buying opportunity of a generation for Apple."

It's worth noting that trader Steve Grasso, director of institutional sales trading at Stuart Frankel, remained skeptical even as shares turned higher in afternoon trade on Friday.

"I would not be buying," he said. "I think Apple reverses gains and trades even lower – if you're even thinking about hitting the buy button, wait a couple days to see if the stock confirms its turn higher."

* Doug Kass is also a contributor to the Street.com, Jim Cramer's Real Money Pro web site

Posted by CNBC's Lee Brodie

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Trader disclosure: On November 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long SWN; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long AAPL DEC 5/5 CALLS; Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long HRB; Jon Najarian is long INTU; Jon Najarian is long AMZN; Jon Najarian is long NKE; Jon Najarian is long GPS; Jon Najarian is long WYNN; Jon Najarian is long BYD; Jon Najarian is long VOD; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Jon Najarian is long GLUU; Simon Baker is funds long WFC; Simon Baker is funds long QCOM; Simon Baker is funds long HD; Simon Baker is funds long GOOG; Simon Baker is funds long GS; Simon Baker is funds long CSCO; Simon Baker is funds long AAPL; Simon Baker is funds long XLY; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN

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