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Where to find bigger stock gains: Pro

Europe and China, as well as select U.S. stocks, stand to do well in the current investment climate, TheStreet CIO Stephanie Link said Friday.

"I think the market's going to be volatile now that 90 percent of earnings are already behind us," she said, adding that economic data this week showed China and Europe were experiencing growth, while Japan was OK.

"We have been buying the VGK. We own the DXJ. We have plenty of names that have exposure to China," Link added. "And so I think that's where on the margin things have changed this week vs. last week."

On CNBC's "Fast Money," Link said that she had taken profits before earnings and was now looking to buy such names as AIG, "also buying some stocks that are pulling back like Emerson, Eaton, Timken, Occidental."

Stephen Weiss of Short Hills Capital said that he wasn't looking to jump into stocks at the moment.

(Read more: Blackstone makes contrarian bets)

"There's really nothing that's going to drive the market higher," he said. "Right now, my supposition has been that I'm not being paid to put on risk in trading names at this point."

Weiss added that he was waiting for the market to dip.

"Markets don't go up every single day, every single week," he said. "So, consolidation will be healthy, and I'd rather see what opportunities fall out to reload."

(Read more: Defense stocks overextended: Carter Worth)

OptionMonster's Pete Najarian noted that risk appeared to be relatively low in the CBOE Volatility Index, widely considered the best gauge of fear in the market.

"We were above 16 coming into July," he said, adding that it had traded between 12 and 14 into earnings season.

"I think we stay on these lower volatilities, and the reason why is, what is the catalyst right now?" Najarian said. "I'm not seeing a pullback enough in the financials or the industrials or in the pharmaceutical names to make these suddenly look more attractive than they were two weeks ago."

Najarian also noted low trading volumes in the stock market.

"I think the catalyst is the return of traders to the market," he said.

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

Trader disclosure: On Aug. 9, 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 GOOG; Simon Baker is long NFLX; Simon Baker is long C; Simon Baker is long RAX; Simon Baker is long PCLN; Simon Baker is long MSFT; Stephen Weiss is short JCP; Stephen Weiss is long BBRY; Stephen Weiss is long POT; Stephen Weiss is long MOS; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long VALE; Pete Najarian is long NSC; Pete Najarian is long BMY; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long LLY; Pete Najarian is long KRE; Pete Najarian is long EMC; Pete Najarian is long COP; 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 JOY; Stephanie Link is long GPS; Stephanie Link is long VALE; Stephanie Link is long EBAY; Stephanie Link is long YUM.

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