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Buy Stocks, Puts Amid Highs: Najarian

As the Dow Jones Industrial Average closed at a new record and a number of stocks set multiyear highs, OptionMonster's Jon Najarian said Tuesday that it was time to buy stocks and puts.

"I think all the bears that are out there are still chasing it," he said. "You can snug up some puts underneath the market here."

On "Fast Money," Najarian was also bullish on stocks themselves.

"I'd go out and buy something, too," he added.

Najarian said it might be a good idea to re-examine allocations, too.

Stuart Frankel's Steve Grasso sounded a bullish note.

"This has been the most anticipated selloff that never was," he said.

Grasso noted that he had been long Google stock from the $700 level, exited positions as he went on vacation and bought back shares at $801.

"I remain bullish on the name," he said.

Dan Nathan of RiskReversal.com was focused on another direction.

"When everyone's looking up, I'm looking down a little bit," he said.

Nathan revealed that he had bought put spreads in Caterpillar and Morgan Stanley because the stocks had "massively underperformed."

"I'm not trying to pick a top," he added. "These are going to be positions that I work into over the next few weeks."

Trader disclosure: On March 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long GOOG; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long HD; Steve Grasso is funds long BRCM; Steve Grasso is funds long USG; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Dan Nathan is short SPY; Dan Nathan is short QQQ; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Dan Nathan is long MS APRIL 22 PUTS; Dan Nathan is long BBRY MARCH/APRIL 14 PUT SPREAD; Dan Nathan is long CAT APRIL/MAY 85 PUT SPREAD; Jon Najarian is long AAPL; Jon Najarian is long JPM; Jon Najarian is long WFC; Jon Najarian is long CSCO; Jon Najarian is long QCOM; Jon Najarian is long NFLX; Jon Najarian is long RDN; Jon Najarian is long AXP; Jon Najarian is long AMTD; Jon Najarian is long YELP; Jon Najarian is long SWN; Mike Harris is long Brent; Mike Harris is short Gold.

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DJIA
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S&P 500
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GOOGL
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CAT
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MS
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