Top back-from-the-dead stocks: Pros
StockMonster's Guy Adami said Iron Mountain was worth a look.
"This stock had a nice run, then the IRS came out and said, 'We're scrutinizing their decision to try to become a REIT,' and that's when the stock fell out of bed," he said. "Back from the dead. I think it's back from the dead."
Adami added that there's a possibility that Iron Mountan fails in its bid to become a real estate investment trust.
"Then you're screwed," he said.
Brian Kelly of Brian Kelly Capital was eyeing Alcoa.
"Today, you had some news out of Russia where they're talking about potentially stockpiling aluminum to keep the price up, and you're starting to see that with a lot of governments, even the U.S. government talking about sugar," he said.
(Read more: S&P 500 going to '1,500 or below': Strategist)
Kelly saw potential upside that overcame his view of the stock.
"I'm not a huge fan of Alcoa, but the chart looks fantastic," he said. "This is going to be great for a trade."
Bank of America's upgrade of iron ore would help CLF, he said.
"They're very, very levered to the price of iron ore, and if it goes any higher, you go with that," Seymour added.
(Read more: 'Too early to buy emerging markets: Marc Faber)
"Walter Energy last week had a big restructuring of a lot of debt, and that, to me, also is why you're playing this one, not because you think coking coal is going to the moon."
Josh Brown of Fusion Analytics picked an exchange-traded fund, VAW, which he said had the "broadest possible exposure" to basic materials and chemicals.
"There is a second rotation derivative happening," he said. "We're switching away from this deflation idea, and now we're contemplating the possibility of a return to global growth."
The ETF's holdings could be poised to rebound, Brown said.
"It's a who's who list of stocks nobody's cared about," he added. "Talk about back from the dead, you're talking about agricultural. You're talking about global chemical names. You're talking about Freeport-Mac. And these are the types of stocks that trading at a much lower multiple than the overall market. Some of them pay even higher dividends. Very very depressed in the sales cycle, but if they stage a comeback, these stocks can go absolutely wild. If this is your first cycle, your first rodeo, you have no idea what's possible."
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: Tim Seymour is long BAC; Tim Seymour is long POT; Tim Seymour is long SBUX; Tim Seymour is long WLT; 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; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long FSLR; Josh Brown is long GOOG; Josh Brown is long VGK; Josh Brown is long DVYE; Brian Kelly is long Yen; Brian Kelly is short US dollar; Brian Kelly is long British Pound; Brian Kelly is long Euro.