Utilities Selloff ‘Healthy’: Josh Brown
Declines in utility stocks were part of a healthy market, Josh Brown of Fusion Analytics said Thursday.
"On utilities, let's also keep in mind, a lot of that is chicken equity," he said. "A lot of that is bond money that crept into the stock market."
"And if anything, I think it's healthy to see that market sell off," he added.
Brown also said that the sector had seen stock valuations of 17 to 18 times earnings – and it was time the funds moved elsewhere.
"I'd like to see that money find its money elsewhere in the stock market, not just sit parked in what people thought was a bond proxy," he said.
Trader disclosure: On May 23, 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 AAMRQ; Steve Weiss is long UAL; Steve Weiss is long AIG; Steve Weiss is long HIG; Dan Nathan is long VIX JUN 16/20 CALL SPREAD; Dan Nathan is short IWM; Dan Nathan is long CAT JUN 87.5/80 PUT SPREAD; Dan Nathan is long IBM JUN 205/295/285 PUT FLY; Dan Nathan is long JNJ JUN 87.5 PUTS; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long GS; Anthony Scaramucci is long JPM; Anthony Scaramucci is long MS; Anthony Scaramucci is long WMT; Anthony Scaramucci is long GOOG; Josh Brown is long VAW; Josh Brown is long F; Josh Brown is long IEO;
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