There's a reason why four plays make sense now at these levels, Mike Santoli of Yahoo Finance said Friday.
"This is with the idea that, you know, assuming the correction really does deepen here, it's the only stuff that's cheap, and that's why it's scary," he said.
On CNBC's "Fast Money," Santoli looked at what could send the emerging markets trade higher because of Bank of America Merrill Lynch.
"Basically the outflows from EM funds have just about triggered their 'buy' signal, and so it's one of those grit-your-teeth-close-your-eyes.
"Obviously nothing is going to be happy about what's happening over there except for bounces for the moment, but to me if I'm looking for cheapness, this lift all year didn't leave much that was inexpensive on an objective basis," he said. "It was inexpensive relative to expensive fixed income."
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Santoli also said that it wasn't just the 10-year U.S. Treasury yield that was affecting markets.
"It's rates – it's not just 2.5 percent, it's not the absolute number," he said. "It's how we got here."
Santoli noted that rates were at 1.7 percent on May 1, vs. 2.5 percent on Friday.
"The outlook for the economy has not changed that much in that span of time," he said. "What's changed is we're uncomfortable with a Federal Reserve that seems a little more optimistic about the economy than the market is at the moment, and then you have whatever messy unwinding is going on that's getting the yields up to where they are."
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Santoli said that he saw that disparity as a reason for repricing across the entire fixed income curve.
"We have to adjust and find a new sort of engine for what makes it go as opposed to zero rates forever," he added.
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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.