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Dan Nathan of RiskReversal.com took a different tack.
"I think if you want to stay in the game here, I think it makes sense to buy protection or think about some kind of low-vol plays to kind of help hedge your book," he said, adding that he was long DIA puts in December. "I actually do not like large-cap U.S. multinationals."
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Meanwhile, Guy Adami of Private Advisor Group was making a bet on the consumer with Costco, whose stock hit an all-time high of $132 per share.
"As well as they're doing now, in a rising-rate environment they might do even better," he said. "My play is Costco."
Trader disclosure: On Oct. 29, 2014, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long BAC, C, FL, GM, GOOG, GOOGL, NNA, she is short SPY, Karen Finerman's firm is long AAPL, BAC, BAC calls, PLCE, C, C calls, CMLS, FL, GOOG, GOOGL, JPM, JPM calls, M, M calls spread, MTW, NNA, SUNE, DIS, DIS call spread, her firm is short AAPL calls, SPY, Karen Finerman is on the board of GrafTech International; Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck; Pete Najarian is long AAPL, BABA, BM, BP, DISCA, DVN, DYN, GE, INTC, KKR, LLY, MRK, PEP, PFE, TEVA, TGT, he is long calls AA, DAL, DD, EMC, EUO, F, FL, GPS, GS, GNRC, HPQ, INTC, JPM, KKR, MGM, MS, MTW, NTAP, S, SPLS, SUNE, TWTR, UAL, YHOO, he bought JPM calls, sold out of SPY, GT calls today; Dan Nathan is long USO Jan 33/37 risk reversal (bullish), DIS April Put Spread, PEP Jan put spread, UAL Nov put spread, INTC Nov put spread, DIA Dec put spread, he is short QQQ, he added to IWM short today.