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Now, Look for Bulletproof Stocks: Pro

Wednesday, 19 Jun 2013 | 5:29 PM ET
Now, Look for Bulletproof Stocks: Pro
Wednesday, 19 Jun 2013 | 5:00 PM ET
There's one name that showed resiliency despite a Fed-induced dip in stocks, Stuart Frankel's Steve Grasso says.

There's one name that showed resiliency despite a Fed-induced dip in stocks, Stuart Frankel's Steve Grasso said Wednesday.

"I've been waiting to buy Google, and Google has been bulletproof," he said on CNBC's "Fast Money."

While the Dow Jones Industrial Average dropped 206 points and the S&P 500 stumbled 22.88 points to close at 1,628.93, shares of Google closed up 6 cents at $900.68.

Josh Brown of Fusion Analytics noted that consumer staples had gotten "crushed."

(Read More: Dow Skids 200, Stocks End Down 1% as Fed Hints at Stimulus Slowdown)

"What you want to focus on is the names that act the best because that could be the leadership," he said.

Brown added that the market should welcome volatility following the Federal Open Market Committee meeting.

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"The VIX was flat on the day, telling us this was a non-event," he said.

Dan Nathan of RiskReversal.com said that the Fed's comments suggested U.S. stocks were showing relative strength via UUP, while EEM was down 3 percent.

"I think as our rates are going higher, whether you like it or not," he added.

(Read More: Volatility May Be the New Norm: Pro)

OptionMonster's Jon Najarian said that the Fed was looking to certain thresholds to cut back on its $85 billion-per-month asset purchases, even though there was no immediate signal it would happen anytime soon.

"I think people are trying to get ahead of the Fed," he said.

Trader disclosure: On June 19, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long BAC; Jon Najarian is long JPM; Jon Najarian is short GLD; Jon Najarian is long VVUS; Jon Najarian is long BTU; Jon Najarian is long FNSR; Jon Najarian is long DFS; Jon Najarian is long OC; Jon Najarian is long S; Dan Nathan is short XLU June 38/36 put spread; Dan Nathan is long XLF short July 19 puts; Dan Nathan is long LULU July 65/70/75 call fly; Dan Nathan is long INTC long July 24 puts; Dan Nathan is long FB June/July 25 call spread; Dan Nathan is long BA July 100/95 put spread; Dan Nathan is long XLE June 80/77 put spread; Steve Grasso is funds long ABX; Steve Grasso is funds long F; Steve Grasso is funds long .SPX; Steve Grasso is funds long HPQ; Steve Grasso is funds long FDX; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long MHY; Steve Grasso is long HPQ; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long GOOG; Josh Brown is long IEC.

  Price   Change %Change
GOOGL
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DJIA
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S&P 500
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VIX
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UUP
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EEM
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