As Apple's shares continued their downward trajectory again on Friday, a buying opportunity may present itself soon, OptionMonster's Pete Najarian said.

"I think this is tax selling," he added. "I don't think you have to pounce on Apple just yet. I think it can go below $500."

(Read More: Apple TV Just a 'Head-Fake': Porter Bibb)

Amid talk of slowing profit growth and a leveling-off of the iPhone 5's popularity, Josh Brown of Fusion Analytics said it was time to second-guess the stock.

"They're making downgrades for fundamental reasons," he said. "This is having a huge impact. The market should be a lot higher today.

"I think we now have to pay attention to the fundamental slowness today."

(Watch Now: Turnaround Trade on RIM)

Absent a deal with telecom giant China Mobile to carry its iPhone 5, Apple released its smartphone in the world's most populous country.

Najarian pointed out that two other phone makers were already tapped into that market.

"There are reasons now why Nokia, why Research In Motion are outperforming," he said. "I think for a lot of different reasons it's starting to make you think Nokia still has more upside."

Brown suggested diving deeper that was brand-agnostic.

"People are not not buying phones," he said, arguing that there was a nine out of 10 chance that any given phone had Qualcomm components. "It's much easier to buy the guts, and the guts are QCOM."

Trader disclosure: On Dec. 14, 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 BAC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long CLF; Simon Baker is funds long CSTR; Simon Baker is funds long IWD ; Simon Baker is funds long IWM; Simon Baker is funds long AAPL; Simon Baker is funds long BAC; Simon Baker is funds long F; Simon Baker is funds long XLU; Simon Baker is funds long T; Simon Baker is funds long GE; Simon Baker is funds long GOOG; Simon Baker is funds long QCOM; Simon Baker is funds long WFC; Josh Brown is long AAPL; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long GOOG; Josh Brown is long ZCOM; Josh Brown is long WMT; JJ Kinahan is long BAC; JJ Kinahan is long C; JJ Kinahan is long GS; JJ Kinahan is long C; JJ Kinahan is long CSCO; JJ Kinahan is short SBUX; JJ Kinahan is long FB; JJ Kinahan is long MSFT; JJ Kinahan is short SPY.