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Burned By Best Buy

A long position in Best Buy looked like a hot trade but all it did was burn Brian Kelly. So how does he recommend playing this stock now?

BK made the fateful call on November 19th as a bet that the iPad and other gadgets would drive Best Buy’s traffic.

“This Christmas season is going to be about technology,” he said. “With Best Buy I get exposure across the board –phones TVs, I get everything.”

Kelly got exposure all right – exposure to Best Buy’s surprise drop in sales. As a result, since he said to get long - shares are down over 15%.

So what does Kelly have to say about this stock now?

"This was a learning lesson," says Kelly. Although he likes the stock longer term, he's cautious near term.



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Trader disclosure: On December 15, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL), (BAC), (F), (GE); Pete Najarian owns (DD) calls; Pete Najarian owns (DRYS); Pete Najarian owns (YHOO); Pete Najarian owns (BBY) calls; Pete Najarian owns (C); Pete Najarian owns (F) bonds; Pete Najarian owns (GE); Pete Najarian owns (LOW) calls; Pete Najarian owns (MSFT) call spreads; Pete Najarian owns (MS); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman's firm is long S&P puts; Finerman's firm is long Russell 2000 puts; Finerman Owns (AAPL); Finerman Owns (BAC); Finerman Owns (GOOG); Finerman's firm owns (JPM) and (JPM) leaps; Finerman owns (JPM); Finerman owns (MSFT); Finerman's firm owns (MSFT); Jon Najarian owns (CSCO), is short (CSCO) calls; Jon Najarian is short (V) puts

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