What Key Levels Pros Are Watching

Friday, 21 Jun 2013 | 5:53 PM ET
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Until the S&P 500 breaks above a key level of 1,610, investors should be wary of getting long, StockMonster's Guy Adami said Friday.

"Technically, I was really shocked that the market didn't make a bigger push toward 1,609 in the S&P," he said. "We had an outside week lower. You don't see those that often. So, is it overblown? No. Can we see rallies along the way? Yes.

"But I think you sell every rally until if we close above 1,625."

On CNBC's "Fast Money," Adami said that he was looking to buy Monsanto before the company reports quarterly earnings Wednesday before the opening bell.

Josh Brown of Fusion Analytics said that he would look to buy fear.

"I don't think we've seen all the panic we're going to see," he said. "I don't think stocks can bottom until the yields stop rising, until bonds bottom."

Key levels he was watching in the S&P 500 were 1,600 to 1,610 as a bull signal and below 1,576 as an indication the market was headed lower, Brown said.

"Before that, there's nothing really heavily I want to do," he said. "Strategically, stocks are better than bonds, but tactically it may be a little better to wait."

Stuart Frankel's Steve Grasso said that the problem with technicals was that people want to see a retest of important levels.

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In the meantime, he said that he had added to positions in Google.

"I'm halfway to my whole position," he added.

Grasso also said that he was holding on to GDX and Southern.

Brian Kelly of Brian Kelly Capital said that he had thought TLT would be the beneficiary of investor sentiment.

It wasn't.

Meanwhile, Kelly said that he was eyeing currency.

"I think the one thing you can definitely do is buy the U.S. dollar," he said.

(Read More: 'Too Soon for Stocks Right Now': Pro)

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: Josh Brown is long JPM; Josh Brown is long XLU; Brian Kelly is long US dollar; Brian Kelly is long SPY puts; Brian Kelly is short DAX; Brian Kelly is short FISE 100; Steve Grasso is funds long MU; Steve Grasso is funds long AAPL; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; 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; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU.

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