A Blip in Stocks—Or Something Bigger?
The "Fast Money" traders staked out positions in the market Thursday after the worst day of 2013 for stocks.
"You may start to see people looking to sell rallies," Dan Nathan of RiskReversal.com said, who also noted that volatility has ruled recently.
Nathan also said that technicals are more important in such a market, with the S&P 500 bouncing off its resistance four times this year.
Now, with the index closing at 1,588.19, down 2.5 percent, Nathan said that investors should keep an eye on 1,600.
"It's a massive resistance level now," he said. "I think you sell these rallies."
OptionMonster's Jon Najarian said his top trade was UVXY.
"If you wanted to hide, that was something that worked out extremely well today," he said.
"The reason I was buying these is that they basically erased two weeks of rally in 24 hours," he said. "I'll take the other side of that bet 99 times out of 100."
Najarian also said that the options market had seen the fifth-busiest day in history.
"All the paper we saw was betting on a September time frame," he added.