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Should you factor taper into trades?

Don't invest as if the Federal Reserve will taper its $85 billion-per-month of bond purchases in September, StockMonster's Guy Adami said Friday.

"Listen, I never thought this September taper was on the table," he said. "Why would they stop now at this point? They're full speed ahead in every facet whatsoever."

The S&P 500 and the Dow Jones Industrial Average set new record highs despite a tepid July gain in U.S. employment.

(Read more: Stocks rise despite weak jobs report; Dow, S&P set new record highs)

On CNBC's "Fast Money," sentiment was far from unanimous.

Dan Nathan of RiskReversal.com said that he expected Fed Chairman Ben Bernanke to draw down its asset purchases.

"This guy's been in office for eight years," he said. "I think he'd like to set the course for his own legacy."

Nathan noted that the TLT got "nailed" earlier this week, along with a spike in 10-year Treasury yields.

The taper was possible, he added.

"To me, I actually think you have more of a 50-50 chance, and it'll be data-dependent," he said.


"If they don't taper, what does that say about the economy? What does it say about global growth? What does it say about our ability to kind of hang in there? It's really bad. And at some point, with the market making new highs every day, it's going to turn the tables a little bit."

Nathan said that selling bond proxies such as XLY and IYR were the best play in the event of a taper.

Stuart Frankel's Steve Grasso said that staying long stocks and avoiding housing were the way to go, adding that he had added to positions in Tesla and remained long Bank of America.

"U.S. equities continue to move higher," he said. "You have to stay long the market at this point."

Grasso added that he had sold off stocks this week, only to buy them back.

(Read more: Fed tapering will be for wrong reason: El-Erian)

"You can't continue to hold your breath for a sell-off that might never come."

Stocks could actually rally on the actual taper, Tim Seymour of EmergingMoney.com said.

"If anything, I might say we got closer to the taper today," he added, citing a just-right employment number.

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

Trader disclosure: On Aug. 2, 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 Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long TSLA; Steve Grasso is long DECK; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Tim Seymour is long BAC; Tim Seymour is long POT; Tim Seymour is long SBUX; Dan Nathan is short BA; Dan Nathan is short FOX; Dan Nathan is long BBRY; Dan Nathan is long AVG VIX CALLS; Dan Nathan is short IWM.

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