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'Fast Money' Recap: Santa Claus Rally Continues

NEW YORK (TheStreet) -- The S&P 500 jumped at the open and closed at a record high once again. 

A deal between Apple (AAPL) and China Mobile Limited (CHL) was finally announced on Sunday and shares jumped almost 4% on Monday. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said this is not a sell-the-news event and shares of Apple closed above an important level. He added that the Chinese New Year will drive stronger profits in AAPL's second fiscal quarter. 

Josh Brown, a financial adviser at Ritholtz Wealth Management, said AAPL's earnings power significantly increases with the CHL deal. He added that shares have a lot upside now with strong technicals and fundamentals. 

Must Read: 'Fast Money' Recap: Talking Retail

Guy Adami, managing director of stockmonster.com, said the next level for AAPL is $585. He suggested that Jabil Circuit (JBL) and Nuance Communications (NUAN) still have room to the upside. 

Stuart Frankel & Company's Steve Grasso said he would have preferred for the stock to clear the previous high of $575 before getting long. He added that this season's holiday buying appears very strong. 

Dennis Gartman, publisher of The Gartman Letter, was a guest on the show. He still likes equities and believes in a continued global recovery. He added that if there is one thing for investors to worry about, it's the liquidity issues in China, although he thinks the situation will likely work out fine. He likes aluminum, zinc and tin. 

Brown said Amazon (AMZN) is a good company but the stock has run too far for investors to buy. 

Grasso disagreed, saying the stock continues to go higher despite the doubters questioning its valuation. He likes the stock. 

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SYM TRADE IT LAST %CHG
AAPL $126.44 -0.13%
FB $87.28 0.43%
GOOG $523.40 0.30%
TSLA $280.02 4.04%
YHOO $39.38 0.13%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

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