What to Trade as Stocks Slide: Pros

Thursday, 21 Feb 2013 | 5:51 PM ET
What to Trade as Stocks Slide
The "Fast Money" experts share their top trades on a day in which stocks sold off.

Gold still glitters, Brian Kelly of Shelter Harbor Capital said as the major stock indices sold off Thursday.

On CNBC's "Fast Money," Kelly said that he saw a "tradable bottom" in GLD, the gold ETF, with $150 as a bottom.

"I don't get spooked by any crosses," he added.

Kelly was alluding to the so-called "golden cross," which is when an asset's 50-day moving average dips below the 200-day moving average. The move is believed to signal the beginning of a bear market.

OptionMonster's Jon Najarian said he was seeing "some very strong activity" in a number of mining stocks.

Investors, he added, were positioning for a V-shaped move in such things as silver ETF SLV.

"I think there's a lot of interest, again, in the metals," he said.

Karen Finerman of Metropolitan Capital Advisors liked Staples, as the beneficiary of the merger between Office Depot and OfficeMax.

"It's huge for Staples," she said. "It was down a lot today. I like it."

Dan Nathan of RiskReversal.com noted, "The last two days this was a pretty orderly selloff."

Following Hewlett-Packard earnings, he looked to take profits.

"I took some of my QQQ short off today," he said.

Trader disclosure: On Feb. 21, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long ADP; Jon Najarian is long ADP CALLS; Jon Najarian is long GSK CALLS; Jon Najarian is long BWLD CALLS; Jon Najarian is long CSCO PUTS; Jon Najarian is long ARUN; Jon Najarian is long HPQ; Dan Nathan is long BBRY FEB/APR 14 PUT SPREAD; Dan Nathan is long XCO; Dan Nathan is long SDS; Dan Nathan is short SPY; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short PAY; Karen Finerman is long M; Karen Finerman is short JCP; Karen Finerman is short SPY; Karen Finerman is short IWM; Brian Kelly is long Gold Futures.

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  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

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