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‘Don’t run for cover’ from stocks: Trader

With the congressional impasse in Washington, having protection built into your portfolio is key, Tim Seymour of EmergingMoney.com said Wednesday.

"You don't run for cover, but if you're trading this thing like there's nothing going on, you're being stupid," he told CNBC's "Fast Money."

The dollar is a "buy," while the euro is not, Seymore said, adding that he liked the "great 10-year auction" in Treasury bills and continuity with the nomination of Vice Chair Janet Yellen to lead the Federal Reserve.

StockMonster's Guy Adami said that stocks would get a bounce when Congress's failure to pass a federal budget and approve payment of U.S. debt is resolved.

"I think the interesting thing is the magnitude of the bounce ... and how long does it last," he added.

An S&P 500 level of 1,620 was key, then 1,560, the June low, Adami said.

TheStreet's chief investment officer, Stephanie Link, said that it was time to put her cash on hand to work, or at least some of it.

Her top sectors included industrials, particularly Union Pacific, and technology, with Adobe as a stock that had perhaps been oversold.

"I think the big tell's going to be banks on Friday, and they're already down 10 percent into the print," Link said.

Karen Finerman of Metropolitan Capital Advisors remains optimistic about U.S. stocks but isn't changing her preference for quality.

"I'm trying not to guess too hard because I know I won't do it right, so I just want to buy the things that I like," she said. "Trade down to my prices, I'll buy them."

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

Trader disclosure: On Oct. 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: Mark Mahaney is long TRU; Mark Mahaney is long EBAY; Mark Mahaney is long GOOG; Mark Mahaney is long EXPE; Mark Mahaney is long FB; Mark Mahaney is long ; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long YUM; Stephanie Link is long AA; Stephanie Link is long COST; Stephanie Link is long LRCX; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long JOSB; Karen Finerman is long FL; Karen Finerman is long SPY PUTS; Karen Finerman is short SPY PUTS; Karen Finerman is short SPY; Karen Finerman is short MDY; 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; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long MSFT.

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