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NEW YORK (
TheStreet) -- The markets surged Monday as
Apple(AAPL - Get Report) topped $500.
The Dow Jones Industrial Average rose 72.81, or 0.57%, to 12,874.04. The S&P gained 9.13, or 0.68%, to 1351.77. The Nasdaq jumped 27.51, or 0.95%. to 2931.39.
Karen Finerman said on
CNBC's "Fast Money" TV that she didn't regret selling some Apple shares last week. "It was the right thing to do," she said.
Terranova agreed, saying that while it's correct to be long Apple, it's also important to evaluate the risks.
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV
Dan Nathan said Apple is up 10% in seven trading days and has added $50 billion in market cap during that time period. He said that market appreciation should sit well for investors who have been waiting patiently for a dividend. He said investors could be setting themselves for a dividend disappointment in the company's Feb. 23 shareholders meeting.
Guy Adami focused on downstream play,
Broadcom(BRCM) in particular. He said it may take money off the table after a run by the stock. Terranova said he liked
Cirrus Logic(CRUS - Get Report) as a derivative play.
Doug Kass, a RealMoney Silver contributor at
RealMoney.com, cautioned that the market is far too focused on a few names, most importantly on Apple. He noted the movement of cash from the sidelines, the decline in bear settlement, and a large increase in the net long position in hedge fund community.
He said he's concerned about Apple because of the market's dependence on it. He said the stock is worth more than
Microsoft(MSFT) combined, is more than twice as big as its key vendor rivals combined, and is $100 billion larger than the 17 other companies that make smartphones.
In the slow money trades, Adami said he liked
Emerson Electric(EMR) for its 3% dividend and sufficient valuation.
Bank of America(BAC - Get Report) was up 2.42% today and 48% for the year. Terranova said the short trade has ended in financials, adding he felt comfortable holding all 10 names in the
Select Sector SPDR Financial XLF(XLF).