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Get Your Stock ‘Buy’ List Ready: Pro

Thursday, 6 Jun 2013 | 12:28 PM ET
Get Your Stock 'Buy' List Ready: Pro
Thursday, 6 Jun 2013 | 12:00 PM ET
There's no reason to buy stocks ahead of Friday's employment report, but get ready for a market upturn, Stephen Weiss of Short Hills Capital says.

There's no reason to buy stocks ahead of this week's employment report, but get ready for a market upturn, Stephen Weiss of Short Hills Capital said Thursday.

"So the best posture right now, people think, and I don't disagree is stay on the sidelines, took a little risk off," he said. "And I've got my 'buy' list, though, because I do believe it turns."

Midday, the S&P 500 and the Dow Jones Industrial Average both broke below their 50-day moving averages.

(Read More: Stocks Turn Lower, Led by Techs; Dow Below 15,000)

On CNBC's "Fast Money," Weiss added that there was "too much uncertainty" to be a buyer, from the U.S. Bureau of Labor Statistics report due on Friday, as well as from Europe.

ADP: Private Sector Employment Up 135,000 in May
CNBC's Steve Liesman breaks down the latest numbers on jobs and discusses what it indicates about the economic recovery, with Mark Zandi, Moody's Analytics.

But Weiss also downplayed the decline in the market.

"We haven't seen a huge selloff," he added.

(Read More: Where the World's Wealthy Are Investing)

Josh Brown of Fusion Analytics said that there was no reason to be a buyer of stocks here.

"First of all, what's the rush? Most people who are running money are sitting on plus-10 percent returns," he said.

Brown also cited the uncertainty of the upcoming employment report.

(Watch Video: ADP: Private Sector Employment Up 135,000)

"Why would anyone want to make a huge bet in front of that?" he said. "Who needs to, other than people who've been trailing this rally?"

Brown said that a 4 percent correction and failing rallies were expected.

"I actually think that's the responsible stance," he added.

Trader disclosure: On June 6, 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 long AAMRQ; Steve Weiss is long SODA; Josh Brown is long AAPL; Josh Brown is long XLF; Josh Brown is long MRK; Jon Najarian is long AAPL; Jon Najarian is long VZ; Jon Najarian is long EEM; Jon Najarian is long GLD; Jon Najarian is long TMO; Jon Najarian is long UVXY; Stephanie Link is long AAPL; Stephanie Link is long GS ; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY.

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