In other words, according to Cortes's thesis, something’s gotta’ give. Either Apple and Google are lagging and will play catch up or the Nasdaq is ahead of itself. He thinks it's the latter.
”When the two most important generals of the army get shot, you have to worry,” Cortes says.
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Trader disclosure: On December 27th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Funds Managed by Dennis Gartman are short the Euro; Funds Managed by Dennis Gartman are short the Yen; Funds Managed by Dennis Gartman are long Steel; Funds Managed by Dennis Gartman are long Gold; Funds Managed by Dennis Gartman are long Crude Oil; Funds Managed by Dennis Gartman are long Nat Gas; Funds Managed by Dennis Gartman are long Silver; Funds Managed by Dennis Gartman are long Copper; Funds Managed by Dennis Gartman are long Orange Juice; Funds Managed by Dennis Gartman are long Soybeans; Funds Managed by Dennis Gartman are long Wheat; Scaramucci and Skybridge Capital are long USD; Scaramucci and Skybridge Capital own (AAPL); Scaramucci and Skybridge Capital own (C); Scaramucci and Skybridge Capital own (CSCO); Scaramucci and Skybridge Capital own (GS); Scaramucci and Skybridge Capital own (HRB); Scaramucci and Skybridge Capital own (MS); Terranova owns (UPL); Terranova owns (C); Terranova owns (PEP); Terranova owns (VRTS); Terranova owns (OXY); Terranova owns (GS); Cortes is short (LVS); Cortes is short (XRT) vs. the S&P; Cortes owns (TSN); Cortes is long USD vs. the Australian Dollar and the Mexican Peso; Cortes is short Gold; Cortes is short Nat Gas; Cortes is short Corn; Jon Najarian owns (AAPL), is short (AAPL) calls; Jon Najarian owns (MSFT), is short (MSFT) calls; Jon Najarian owns (XLF), is short (XLF) calls; Jon Najarian owns (MS), is short (MS) calls; Jon Najarian owns (BAC), is short (BAC) calls; Jon Najarian owns (CME), is short (CME) calls; jon Najarian owns (CBOE), is short (CBOE) calls; Jon Najarian owns (V), is short (V) calls; Jon Najarian owns (NKE), is short (NKE) calls; Jon Najarian owns (ADBE), is short (ADBE) calls; Jon Najarian owns (GDXJ), is short (GDXJ) calls; jon Najarian owns (MCP), is short (MCP) calls; Jon Najarian owns (REE), is short (REE) calls; Jon Najarian owns (XLF), is short (XLF) calls
JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (ALK)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EPR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (MGRC)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DRYS)
TODD GORDON
Gordon is long U.S. Treasuries
DOUG KASS
Seabreeze Partners Management is short S&P
JOHN STEPHENSON
Stephenson has no disclosures
MARYANN KELLER
Keller has no disclosures
MIKE KHOUW
Cantor Fitzgerald & Co. is a market maker in (CHK PRD)
GARTMAN SOT
Funds managed by Dennis Gartman are long Soybeans
Funds managed by Dennis Gartman are long Wheat
ANTHONY SCARAMUCCI SOT
Scaramucci and Skybridge Capital Owned (CSCO) on 11/11/2010
Scaramucci and Skybridge Capital Owned (CSCO) on 12/22/2010
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