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‘Plenty of Opportunities’ Now: Najarian

Weakness in midday trading Wednesday offers attractive entry points in the stock market, OptionMonster's Pete Najarian said.

"I've seen no reason to take profits yet," he said. "I still think there's some upside to this marketplace."

On CNBC's "Fast Money," Najarian said that he didn't expect the S&P 500 to reach the 1,700 level mentioned yesterday.

"I think there are plenty of opportunities already today on this early selloff that we had," he said.

Najarian said that he was concerned about underperformance in financials, but noted that he was seeing critical flows into technology.

Rosecliff Capital's Mike Murphy urged buying underlying protection via the VIX, even as he remained positive on stocks

"I think that the S&P has to and wants to get through to a new high before any pullback comes," he said. "Stay long the market until something changes."

Stephen Weiss of Short Hills Capital said that he exited the market two weeks ago ahead of a vacation, only buying back some Citigroup, and wasn't looking to jump back in.

Increasing rates in Spain and Italy, the banking crisis in Cyprus and the threat of contagion meant that spreads are finally beginning to widen, he added.

"I think we just tread water here, maybe trade down a couple of percents," Weiss said.

Trader disclosure: On March 27, 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 Weiss is long BAC; Steve Weiss is long C; Steve Weiss is short BHP; Steve Weiss is short VALE; Steve Weiss is short RIO; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long C; Mike Murphy is long JCP; Pete Najarian is long AAPL; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long BBRY CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long AMZN; Enis Taner is long GS; Enis Taner is long BIDU CALL SPREAD; Enis Taner is long MSFT; Enis Taner is long SODA CALL FLY; Enis Taner is short YHOO call spread; Enis Taner is short BBY call spread; Enis Taner is long FXE PUTS.

Symbol
Price
 
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S&P 500
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VIX
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C
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