Stocks could take a hit with the upcoming Fed taper, but that would also present an opportunity, Mike Murphy of Rosecliff Capital said Thursday.
"You want to look at names that have pulled back over the course of the last week in the sell-off in the market, names like Ford that had a 6 percent retracement, names that you like long-term," he said. "Have your list ready and get in there and buy them."
On CNBC's "Fast Money," Murphy said that he saw opportunity on a pull-back related to the Federal Reserve's reduction of $85 billion-per-month of asset purchases.
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"We know that the taper is coming," he said. "We don't know if it's coming in September and November, but this is an opportunity. If you believe in companies, you believe in how they're going to perform in the back half of the year, have your list ready. Get some money to work there."
OptionMonster's Jon Najarian said that he had bought shares of Hewlett-Packard on a dip at $21.96.
"I think that this stock has some possibilities going forward, but I will agree with anybody on the desk that says it was overbought into this month," he added. "I think people are taking money off the table, but now I think this is getting a little silly."
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Joe Terranova of Virtus Investment Partners acknowledged that he had continued to be a buyer near all-time Aug. 2 highs in the stock market.
"Now, the market's pulling back. Am I comfortable with that? No. It would be foolish for me in managing my risk to say that I was comfortable with it," he said.
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Terranova explained his point of reference.
"I think when you look where the June 24 low was to the Aug. 2 high, understand 1,635 in the S&P gets you back to 50 percent retracement," he said, adding that 1,616 was his stop-out.
"But I believe the market's going higher, both on a technical and fundamental basis. I think we are going to taper," Terranova added. "I think they're going to take with one hand and give you something with the other, which would be changing the outcome-based guidance for unemployment, lower that from 6 ½ to 6 percent."
Trader disclosure: On Aug. 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; As of 8/21/13 Jon is long AAPL; Jon is long GLD ; Jon is long FB; Jon is long UVXY; Jon is long NOAN; As of 8/19/13 Josh Brown is long JPM; Josh Brown is long AAPL; Josh Brown is long TGT; Josh Brown is long GOOG; Josh Brown is long QCOM; Josh Brown is long BK; As of 8/19/13 Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long INTC; Michael Murphy is long MSFT.