The European recovery remains tenuous, presenting potential risks, Brooks Macdonald Asset Management Head of Investment Strategy Gemma Godfrey said Wednesday.

"The euro crisis, I wouldn't be fully confident that it's completely over. It's going to come back into the headlines. And the reason is you're hearing the words, you've yet to see the action," she said. "It's like you're hearing the music, but we haven't seen the dancing yet."

European Central Bank President Mario Draghi signaled that he would do what was necessary to achieve "medium-term price stability."

(Read more: Euro thrives as ECB's Draghi stays course)

On CNBC's "Fast Money," Godfrey, who has $6.25 billion in assets under management, said that the recovery in Europe was "still very, very weak and the risks are to the downside. There are still the potential for shocks on the horizon."

Godfrey noted one possible trouble area.

"One of the wild cards is Slovenia because that's looking like it potentially might have a bailout," she said.

(Read more: Why I don't like Apple stock: Mario Gabelli)

Godfrey also said that "Italy and Spain continue to be at the core of the problems of the euro zone because they are so large that if they do have debt problems, the funds that are available are not large enough to be able to quash these problems."

Italy continued to face political instability and a lack of job reforms, while Spain grappled with a worsening deficit, she said.

(Read more: Shutdown could trigger 'Fed flare': Brian Kelly)

"We're not out of the woods yet," Godfrey said. "Things are stronger, and there are opportunity there to be able to profit, but there's uncertainty and there's caution from all different areas at the moment."

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

Trader disclosure: On Oct. 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: Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long CCL; Jon Najarian is long HTZ; Jon Najarian is long MAR; Jon Najarian is long MGM; Jon Najarian is long OPK; Jon Najarian is long WMB; Jon Najarian is long ZNGA; Jon Najarian is long UNH; Jon Najarian is long CYH; Jon Najarian is long YHOO; Jon Najarian is long SE; Jon Najarian is long ARO; Jon Najarian is long GPN; Jon Najarian is long TWGP; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long FB; Michael Murphy is long VLO; Pete Najarian is long AAPL; Pete Najarian is long calls C; Pete Najarian is long calls JPM; Pete Najarian is long calls WFC; Pete Najarian is long calls INTC; Pete Najarian is long calls YHOO; Pete Najarian is long FB; Pete Najarian is long calls MSFT; Pete Najarian is long calls JBLU.