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‘Still Too Early’ for Stocks: Pro

Too many economic factors suggest it's time to sit out the stock market right now, Stephen Weiss of Short Hills Capital said Monday.

"I still think it's too early," he said.

The Dow Jones Industrial Average tumbled more than 200 points midday. The S&P 500 and the Nasdaq were also sharply in the red, while the CBOE Volatility Index traded above 20.

(Read More: Stocks Near Lows, Dow Drops Nearly 250; Apple Falls Below $400)

On CNBC's "Fast Money," Weiss pointed to market accustomed to a climate of "tremendous global bank easing."

But a credit crunch in China and a shrunken balance sheet for the European Central Bank looked to be changing the story, he added.

"The world's got to get used to this being new case," Weiss said. "And if we don't see the economy improve, then we're in for a lot more trouble, a lot more pain, so, no, I'm not buying now."

TheStreet CIO Stephanie Link said that bonds needed to stabilize for stocks to perform once again.

In the meantime, she added, corporate quarterly results were the next possible catalyst.

"I think earnings are going to be pretty good," Link said.

(Read More: Key Market Levels Pros Are Watching)

Stocks she recently bought include financials such as AIG, industrials such as General Electric and tech stocks such as Applied Materials.

Link also said that she was watching McDonald's, Coca-Cola and Philip Morris Internationalfor buying opportunities.

Simon Baker of Baker Avenue Asset Management said that he had grown "more neutral" over the weekend.

(Read More: Gold Bull Sees Near-Term Pain)

"I wouldn't be in a rush to get into stocks," he said, adding that he would stay away from anything tied to rising "yields."

Trader disclosure: On June 24, 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 THC; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is long AIG; Steve Weiss is short X; Steve Weiss is short CAT; Stephanie Link is long AAPL; Stephanie Link is long JPM ; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long HD; Stephanie Link is long WFC; Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long GS; Simon Baker is long YHOO; Simon Baker is long FB; Simon Baker is long RF; Simon Baker is long PHM; Simon Baker is long F; Simon Baker is long THC; Simon Baker is long HD; Simon Baker is long MU; Jon Najarian is long CAT; Jon Najarian is long HALO; Jon Najarian is long EA; Jon Najarian is long UVXY; Jon Najarian is long TOL; Jon Najarian is long TIVO; Jon Najarian is long PAAS.

Symbol
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AIG
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GE
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AMAT
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MCD
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KO
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PM
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VIX
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