‘Too Soon for Stocks Right Now’: Pro
Wait for a bigger pullback to start buying stocks, Stephen Weiss of Short Hills Capital said Friday.
"Where you make money, and how much money you make, is determined by your point of entry," he said.
"I still believe the point of entry is too soon for stocks right now."
"We're only down 5 percent from a market that's just been rip-roaring. That's just not enough, given how the game has changed, given Bernanke's press conference and the new forecast that came out of the FOMC meeting," he added.
"So, I'd wait. I'd be patient, and when it does clear, I still think we're going to see a great 'buy.'"
TheStreet CIO Stephanie Link saw clearly what needed to happen: "Bond market needs to settle. That is absolutely what's driving the overall market right now."
Link said that if bond yields continued to rise – "but at a slower pace" – stocks could do well.
But if rates pop as they have over the past month, that's a sign of volatility, she added.
"When that happens, we can focus on earnings, which I think will be pretty good," Link said.
Defensive stocks were "getting hammered," she added, and were on the radar screen.
"But we're too early yet," Link said.
OptionMonster's Jon Najarian noted that the CBOE Volatility Indexopened under $19 after having closed at $20.50, as investors "pounded out puts."
(Read More: Marc Faber Sees Further Downside)
Najarian added that the move meant that "a floor is in as far as volatility, and we go from there or higher."
Rosecliff Capital's Mike Murphy said that it was absolutely time to buy stocks, noting that many traders had said they were waiting for a pullback of 5 to 6 percent to jump in.
(Read More: Doug Kass: Why I'm Net Short This Market)
Murphy also noted the sell-off in Bank of America shares to $12.50.
"I disagree with sitting back, waiting for the dust to settle here, because when the dust settles I think your Bank of America is going to be back in the $13.50 to $14 range," he said.
Trader disclosure: On June 21, 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; Stephanie Link is long AAPL; Stephanie Link is long JPM ; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long WY; Stephanie Link is long KEY; Mike Murphy is long BAC; Mike Murphy is long T; Mike Murphy is long LEN; Mike Murphy is long FB; Jon Najarian is long ARNA; Jon Najarian is long XLU; Jon Najarian is long XLP; Jon Najarian is long GLD; Jon Najarian is long EXC; Jon Najarian is long ARMH; Jon Najarian is long VC; Jon Najarian is long FRX.