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We Saw the ‘Buy’ Correction: Pro

After a recent pullback in stocks, 90 percent of companies were likely a "buy," Mike Murphy of Rosecliff Capital said Thursday.

"We had an 8 percent pullback from our highs," he said. "Now, I think the market acted perfectly. It held the levels it needed to."

The Dow Jones Industrial Average traded above 15,000 midday, while the S&P 500 and the Nasdaq were also sharply higher.

(Read More: Stocks Rise, Dow Slips Below 15000; Apple Falls Below $400)

On CNBC's "Fast Money," Murphy noted that traders had been expecting a pullback in the stock market for months, which "spooked a lot of people" when it finally happened.

"You see a company like Oracle get smoked on a miss of a quarter," he added. "Was it 10 percent bad? We're talking price."

After a sell-off on a weak quarter, shares of Oracle gained more than 3 percent midday.

Murphy said that there were plenty of pricing opportunities in the current stock market.

(Read More: Jeff Gundlach Now Sees Bargains in Credit Markets)

"If you give me a list of companies where people are throwing in the towel, I'll buy 90 percent of the time," he said.

Murphy also said he was looking at home builders, which have seen a 25 percent pullback.

"Those are names that we'd be buying," he added.

(Read More: 'It's the Bottom' for Stocks: Dennis Gartman)

Joe Terranova of Virtus Investment Partners was looking elsewhere.

"If you're rebuilding a portfolio, which is what I am doing right now, No. 1, energy is trading incredibly well despite the overall correction we're seeing in the market," he said. "Something's going on here. That's where I'm getting a little bit long.

"Additionally, some of the economic news that's coming out here is certainly better than the Street and it points more toward what the Fed is looking at."

Terranova said he was buying Travelers, which was tied to the recovery in housing.

(Read More: 'Correction Not Over' for Stocks: Josh Brown)

Josh Brown of Fusion Analytics expected the correction in stocks to continue despite a recent uptrend.

"Equity flows tend to follow performance, and that works both ways," he said, adding that investors receiving their portfolio statements could spur a downturn.

"I wouldn't be shocked if it triggered another round of selling," he said.

"I'm under the assumption that this correction is still continuing," Brown added. "I know it's counterintuitive when you see the market rally by triple digits a couple of days in a row. That is actually pretty indicative of the fact that we could still be in a correction because you tend to see these big spikes amid a lot of down days."

Trader disclosure: On June 27, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long BAC; Mike Murphy is long FB; Josh Brown is long AAPL; Josh Brown is long GE; Josh Brown is long TSLA; Josh Brown is long LULU; Josh Brown is long VGK; Josh Brown is long IEO; Jon Najarian is long RL; Jon Najarian is long NKE; Jon Najarian is long TSLA; Jon Najarian is long LULU; Jon Najarian is long WLL; Jon Najarian is long RRC; Jon Najarian is long MAR; Jon Najarian is long ZNGA; Jon Najarian is long TOL; Jon Najarian is short ABX; Jon Najarian is short NEM; Jon Najarian is short AGQ; Joe Terranova is long VRTS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long CRUDE OIL; Joe Terranova is long FUTURES.

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S&P 500
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NASDAQ
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ORCL
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TRV
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