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Stocks in for a Rocky Summer: Pro

Wednesday, 5 Jun 2013 | 12:58 PM ET
Stocks In for a Rocky Summer: Pro
Wednesday, 5 Jun 2013 | 12:01 PM ET
More unpredictability in the market means it's anyone's guess how stocks will trade on Friday's employment report, Stephen Weiss of Short Hills Capital says.

More unpredictability in the market means it's anyone's guess how stocks will trade on this week's employment report and beyond, Stephen Weiss of Short Hills Capital said Wednesday.

"I cannot tell you how the market will trade – and I don't think anyone can – on Friday, if it's a good number or a bad jobs number, so that means there's a lot of uncertainty," he said.

The Dow Jones Industrial Average dropped nearly 150 points, with the S&P 500 and the Nasdaq also lower.

(Read More: Stocks Drop 1%, Dow Falls Below 15,000 for First Time Since May 7)

On CNBC's "Fast Money," Weiss said that amid negative economic data, additional headwinds were brewing in Japan and Europe.

"We're in for a rocky summer," he added.

OptionMonster's Pete Najarian noted that since Friday, the market has seen three successive days with the CBOE Volatility Index trading above its 200-day moving average, near $17.

"Now you start to see folks get a little more nervous," he added. "I still like some of the energy space," as well as financials.

Rosecliff Capital's Mike Murphy said that economic data was better than expected, although the market no longer had the nowhere-but-up trait created by Fed policy.

If the S&P 500 holds above 1,600, he added, it could likely see a climb to 1,700.

"If we go through 1,600, we're probably going to have another selloff, 3 to 5 percent lower," Murphy said.

Trader disclosure: On June 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: Stephen Weiss is long BBRY; Stephen Weiss is long LCC; Stephen Weiss is long AAMRQ; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is short BHP; Mike Murphy is long BAC; Mike Murphy is long T; Mike Murphy is long LEN; Mike Murphy is long INTC; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBR; Pete Najarian is long SBUX; Pete Najarian is long FB; Enis Taner is long GS; Enis Taner is long ZNGA; Enis Taner is long T CALLS; Enis Taner is long WMT CALLS; Enis Taner is long VIX CALLS; Enis Taner is long SPY PUTS; Enis Taner is long XLE PUTS; Enis Taner is long XLE PUTS; Enis Taner is long UUP; Enis Taner is long FDX PUT SPREAD.

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