Terranova also said of Baker Hughes: "I think they have the potential to beat here on earnings."
"The oil-service sector is where I'd look," he added.
Rosecliff Capital's Mike Murphy saw potential in the oil trade.
"I think oil has run up high and is going to go lower, trade back into the mid-90s, and I think you can play that," he said, also adding that he was long energy stocks.
"I Think you have a big upside there," he added.
Trader disclosure: On July 8, 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; Jon Najarian is long ARMH; Jon Najarian is long COP; Jon Najarian is long DFS; Jon Najarian is long EXC ; Jon Najarian is long KSS; Jon Najarian is long MAR ; Jon Najarian is long MGM; Jon Najarian is long MSFT; Jon Najarian is long OKE; Jon Najarian is long TMO; Jon Najarian is long XLU; 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 FUTURES; Joe Terranova is long MINI S&P FUTURES; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long EBAY; Stephanie Link is long FB; Stephanie Link is long VALE; Stephanie Link is long GE.