JPMorgan was preferable over Citigroup due to its lower exposure to emerging markets, he added.
"If you look at where JPMorgan's positioned and what they can earn, we think they're basically U.S.- and Europe-focused much more than emerging markets," Cannon said.
"Citi, on the other hand, as you probably know, if you look at last year's 10K, 180 percent of their net income came offshore because of the losses here. But it really is an emerging markets story."
Cannon added that he also liked Citi.
"I think that the fact is that Citi's two stories," he said. "They're a restructuring story, which we like a lot and recommend. On the other hand, they are an emerging markets story. We are a little more cautious."
Cannon also noted two financial stocks to avoid.
"On a valuation basis, we think some of these asset-sensitive names are just ahead of themselves," he said. "Some of these names like Schwab and Comerica, they're really tied to the short end of the curve, not the long end of the curve, and that looks like it's still a long way out."
Trader disclosure: On July 10, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long EEM; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long AIG; Mike Murphy is long BAC; Mike Murphy is long FB; Jon Najarian is long AAPL; Jon Najarian is short GLD; Jon Najarian is long MSFT; Jon Najarian is long NUS; Jon Najarian is long ZNGA; Jon Najarian is long FB;
For Frederick Cannon
Frederick Cannon is long AFL
Frederick Cannon is long SCHW
Frederick Cannon is long COBZ
Frederick Cannon is long CVBF
Frederick Cannon is long ICE
Frederick Cannon is long JPM.