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Stocks ‘Very, Very Buyable’: Baker

Stocks are still relatively cheap and stand to make gains, Simon Baker of Baker Avenue Asset Management said Monday.

"There's a lot of people who have been waiting for this correction," he said, adding that the S&P 500 could see a pullback of 2 to 3 percent before heading higher.

Baker noted that stocks were relatively inexpensive, saying that the S&P 500 were trading at 14 times earnings in 2007.

Now, stocks were worth buying. "A little consolidation in the short-term, but it's very, very buyable," he added.

Joe Terranova of Virtus Investment Partners said that investors should be watching one element within their portfolios.

"I think you want to reduce your exposure to beta right now," he said.

Stephen Weiss of Short Hills Capital said that while the market "always has to correct at some point," he didn't think a pullback wouldn't be long-lasting.

"I'm not selling anything," he said. "If anything, if the banks weaken a little bit further, I would add to them."

Trader disclosure: On Feb. 4, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long SWN; Joe Terranova is long XOM; Steve Weiss is long BBRY; Steve Weiss is long RIMM; Steve Weiss is long BAC; Steve Weiss is long TBF; Steve Weiss is long C; Stephanie Link is long GS; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long SBUX; Stephanie Link is long CVX; Simon Baker is long AAPL; Simon Baker is long C; Simon Baker is long WFC; Simon Baker is long GOOG.

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