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‘I want to have cash’ this week: Pro

A few stocks could hold significant opportunity on a pullback amid this week's volatility, TheStreet CIO Stephanie Link said Monday.

"We actually took some profits," she said. "I want to have cash for this kind of a week"

On CNBC's "Fast Money," Link said that she had sold off some stock in Hartford, as well as liquidated positions in TJX and Stanley Black & Decker.

"We're sticking with the themes that we like, like aerospace and auto, and when those stocks come down, those are ones we're kind of gravitating toward," she said. "Still like technology, looking at names that come down, like an eBay, and we like the consumer, especially into back-to-school."

Link said that Yum Brands and Gap were here picks in the consumer space.

Earnings, too, provided a good clue to what was ahead," she added.

"This is when you learn a lot," Link said. "We heard from Honeywell that things are actually quite good and that their margins are sustainable and probably can go a lot higher."

Link also said that she was watching Eaton's quarterly earnings report, which was scheduled to be released Friday.

"If that stock were to weaken, I want to have a lot of cash so I can actually then redeploy the profits that I just took into some of the names where I like," she said.

Joe Terranova of Virtus Investment Partners said that he wasn't looking to trade at the moment.

"The best strategy for today is to completely ignore the tape because you're not making any decision on what we're seeing today," he said.

Terranova said that this week's events, such as meetings of the Federal Open Markets Committee and the European Central Bank meeting, would serve as a guide.

"I'm remaining committed to being long assets because I believe we've seen enough earnings growth not to impede the appreciation that we've had since the end of June," he said

Terranova added that he remained long on such financial names as Morgan Stanley, Goldman Sachs and American Express.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On July 29, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BBRY; Simon Baker is long GOOG; Simon Baker is long THC; Simon Baker is long HBC; Simon Baker is long OMC; Simon Baker is long C; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long GPS; Joe Terranova is long TRV; Joe Terranova is long AXP; Joe Terranova is long OXY; Joe Terranova is long EMC; Joe Terranova is long MS; Joe Terranova is long GS; Jon Najarian is long AAPL; Jon Najarian is long DDD; Jon Najarian is long FB; Jon Najarian is long CPWR; Jon Najarian is long MAR; Jon Najarian is long MGM; Jon Najarian is long TIBX; Jon Najarian is long WLL; Jon Najarian is long ZNGA.

Symbol
Price
 
Change
%Change
TJX
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HIG
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SWK
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EBAY
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YUM
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GPS
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HON
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ETN
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MS
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GS
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AXP
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