Beware these two FANG stocks as markets bounce back, traders warn

Just in the past week, the XLC communications services ETF has fallen 1%, while Netflix has posted losses three times as steep.

"We have a little bit of consolidation here, and then the ratio shows the exact same thing so Netflix I'm concerned could be falling into a range around the $300 region as we head into next year," said Gordon., managing director of FX strategy at BK Asset Management, said a different FANG stock — Facebook — has a high risk factor.

Still, Schlossberg is not ready to go completely negative on Facebook, noting that its fundamentals including cash flow generation remain strong. "It's not a short, but it is a just sort of an out-of-the-money put buy, that's what I would do with Facebook because I do think there's an existential threat there," he said.

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