Stocks ‘vulnerable to getting whacked’

The conflagration is Syria is being underestimated by the stock market, Alec Young of S&P Capital IQ said Wednesday.

"I don't see Syria turning into a broader, long-term conflagration. I think any Syria volatility would be a buying opportunity," he said. "But right now the tape's very overbought, and it's vulnerable to getting whacked again once we start to see some foot-dragging from Putin and his buddy al-Assad."

The possibility of a U.S. strike against Syria appeared less after an offer from Russian President Vladimir Putin to put pressure on Syrian President Bashar Assad to place his government's chemical weapons under international control, Reuters reported.

(Read more: Syria expectations fade; so does trading interest)

On CNBC's "Fast Money," Young noted that the market was above where it was before the situation in Syria escalated.

Young said that he still expected the S&P 500 to hit 1,780 in September, but was cautious on the broader market.

"I think all things considered, this isn't a great time to put new money to work, especially in emerging, and I was a bull there," he said.

(Read more: 'I sold all my equity exposure today': Brian Kelly)

It was now time to take profits in emerging markets, Young added.

"You never chase high-beta asset classes like emerging when they're on nine-day runs," he said. "It's just too overbought in the near term. I wouldn't chase it."

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

Trader disclosure: On Sept. 11, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL; Jon Najarian is long BAC; Jon Najarian is long CSCO; Jon Najarian is long YHOO; Jon Najarian is long RL; Jon Najarian is long GRPN; Jon Najarian is long NUAN; Jon Najarian is long BIDU; Jon Najarian is long IBM; Jon Najarian is long AMAT; Jon Najarian is long SYK; Jon Najarian is long COP; Jon Najarian is long CERN; Jon Najarian is long FIO; Jon Najarian is long RKUS; Jon Najarian is long SVU; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long FB; Stephen Weiss is long M; Stephen Weiss is long TGT; Stephen Weiss is long QCOM; Stephen Weiss is long SODA; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long MSFT; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Joe Terranova is long VRTS; Joe Terranova is long MS; Joe Terranova is long GS; Joe Terranova is long LTD; Joe Terranova is long SBUX; Joe Terranova is long OXY; Joe Terranova is long HOS; Joe Terranova is long HAL; Joe Terranova is long APC; Joe Terranova is long DANW; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long PXD; Joe Terranova is long TRIP; Joe Terranova is short XBI.