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TheStreet Open House

'Fast Money' Recap: Will Apple Shares Pull Back?

NEW YORK (TheStreet) -- The Dow Jones Industrial Average and S&P 500 fell on Friday while the Nasdaq climbed to five-year highs. 

Apple (AAPL) , which reach a new all-time high on Friday, was the first topic of discussion on CNBC's "Fast Money" TV show. 

Steve Grasso, director of institutional sales at Stuart Frankel, said large-cap tech stocks like Microsoft (MSFT) , Apple, Intel (INTC) and Google (GOOGL) seem like permanent positions in investors' portfolios, and that's why they don't see much selling pressure. He is staying long Apple but thinks it could pullback to $95. 

Read More: 10 Stocks Carl Icahn Loves in 2014

Guy Adami, managing director of stockmonster.com, said investors who have been long Apple should consider taking some profits in the stock. Shares could pull back to the mid-$80s given the big run. 

Brian Kelly, founder of Brian Kelly Capital, agreed there is limited upside in Apple and the stock no longer has an attractive risk-to-reward basis. 

Tim Seymour, managing partner of Triogem Asset Management, doesn't think Apple will decline to the mid-$80 level. He reasoned that the valuation is too attractive along with the dividend.

There have been reports the iPhone 6 may be delayed due to last minute changes to its display. Brian Blair, managing director at Rosenblatt Securities, thinks the 4.7" and 5.5" screen models could be delayed or in limited supply at first launch. 

However, this news won't hurt the stock too much because there is so much optimism and anticipation from investors, he said. They are assuming the iPhone will be announced in early September but are keeping an eye out for announcements in regards to mobile payments and wearable devices. Wearables may end up being irrelevant because no company has really thrived with the idea yet, so the potential is still unknown. Payments should do well, he concluded. 

Based on Federal Reserve Chair Janet Yellen's comments from the Fed meeting in Jackson Hole, Kelly made a number of moves. He said investors could sell short the iShares MSCI Germany ETF (EWG) and the iShares MSCI France ETF (EWQ) . He is also a buyer of the euro currency as well as silver.

Seymour said the U.S. dollar is breaking out to the upside and he is not a buyer of precious metals. 

Read More: Why Apple's iPhone 6 Won't Be Late

Grasso said the main takeaway from Yellen's comments is that interest rates will remain low and U.S. equities are likely to trade sideways or higher over the intermediate future. 

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