'Fast Money' Recap: Apple Continues to Roll

Adami said Apple is a stock that hedge funds, traders and investors want to own as the market turns over.

Melissa Lee, the moderator of the show, said her own little study of the impact of the developers conference shows that Apple usually declined 8% a week after the show.

Lee brought in Mike Abramsky, managing director of RBC Capital Markets, who was at the developers conference and believes there is $20 more to the upside for Apple. He said the upside will driven by the long-term opportunities for the iPhone platform.

He also estimates that Apple will sell 18 million iPhones in fiscal 2009 and 28 million in fiscal 2010, which is just 2 to 3% of the global market of 1 billion handsets.

He told Najarian the iPhone price cut will sustain momentum as Apple passes on its production efficiencies to consumers. He also said there is room for Apple, Research In Motion and Palm to gain market share because of the huge size of the handset market.

Adami reiterated his belief that Apple is a little overextended. He sees it heading to the low $130's before it goes higher.

Oil was flat today as the rest of the commodities fell. Joe Terranova said oil is basically a dollar story as he predicted oil will zoom up to $70 again if the dollar declines.

Adami said Schlumberger(SLB) is a bit rich after a monster run this year (up 35.74% year to date). He said Schlumberger will head down if crude declines.