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‘Tremendous Opportunity’ in One Sector: Pro

Friday, 26 Apr 2013 | 12:51 PM ET
'Tremendous Opportunity' in One Sector: Pro
Friday, 26 Apr 2013 | 12:01 PM ET
Sell gold and wait for a pullback in energy, Optionmonster's Pete Najarian says.

Sell gold and wait for pullbacks in the stock market, OptionMonster's Pete Najarian said Friday on CNBC's "Fast Money."

"Every time we sell off, I look at it as an opportunity," he said as the major indices were down in midday trading.

Najarian said that the entire housing sector had seen "nothing but activity," with strength in such derivative plays as Lumber Liquidators and Whirlpool.

"I've trimmed some of those positions because it's been such a rapid move to the upside," he added. "I still think there's opportunities."

Joe Terranova of Virtus Investment Partners said that he believed the market was pulling back for two reasons: 10-year Treasury bills at 1.66 percent.

"I think it's really on the growth expectations we're not really seeing," he said, adding that Japanese yen, up 1.4 percent, was "contributing to a decline in the S&P."

Terranova said that he expected gold to rebound further.

"I would be a seller of gold," he added. "I think there's tremendous opportunity on energy, and on a pullback I'd be a buyer."

Rosecliff Capital's Mike Murphy said that he thought the market would see rotation into underperforming stocks.

"One that we love is Intel," he said, adding that he also liked Microsoft.

OptionMonster co-founder Jon Najarian said that he had taken profits and gold and was looking for lower price points in the stock market.

"I'm a believer, but I'm going to wait for it to pull back now to get back in," he said.

Trader disclosure: On April 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long INTC; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long BBRY; Pete Najarian is short SBUX puts; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long PEP; Pete Najarian is long BMY; Pete Najarian is long KBH CALLS; Pete Najarian is long F CLALS; Pete Najarian is long JSO CALLS; Pete Najarian is long SIMC CALLS; Pete Najarian is long MBI CALLS; Pete Najarian is long GNW CALLS; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long SWN; Jon Najarian is long GTAT; Jon Najarian is long CTSH; Jon Najarian is long LEN; Jon Najarian is long DHI; Jon Najarian is long XHB; Jon Najarian is long NFLX PUTS.

  Price   Change %Change
GOLD
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S&P 500
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LL
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WHR
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US 10-YR
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INTC
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MSFT
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