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Halftime: 'Fast' Traders: Key Levels to Watch

Stocks sold-off Friday, as investors became worried about a slowing Chinese economy and European debt problems.

There now seems to be a double-top, said Guy Adami of Drakon Capital, with the 1,220 level in the S&P 500 being the same high made on Apr. 26.

Stuart Frankel's Steve Grasso agreed, putting resistance in the 1,220 to 1,229 range. He thinks the market can hold onto the 1,170 level, but recommends selling if it breaks through that point.

Both Grasso and Adami now is a good time to buy protection.

Patty Edwards, chief investment officer at Trutina Financial, said investors should be hedged. If you haven't already, take profits and wait this one out, she said. Edwards added that she went risk-off with a few smaller financial names. She bought Bank of Montreal and BlackRock Kelso Capital for its dividend yield.

Options trader JJ Kinahan brought a cool face, arguing that part of the sell-off might be due to some traders having took a four-day weekend in honor of Veteran's Day.

Adami said that might be the case, but he thinks it's more likely the market is trying to tell you something. That is, this might be a good opportunity to get in if you are bullish. He said the levels is at above 1,220 or 1,225.

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UNUSUAL ACTIVITY

Kinahan spotted some "Unusual Activity" in the options market Friday.

There are a lot of orders coming in for the Dec. 15 puts in the Financial exchange-traded fund, said Kinahan.

This tells him a lot of people are wanting to protect the gains they've enjoyed lately.

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TRADING RETAIL AHEAD OF EARNINGS

The following retail names are set to report earnings results next week:

MONDAY:
Lowe's , Nordstrom , Urban Outfitters

TUESDAY:
Abercrombie & Fitch , Home Depot , TJ Maxx , Walmart

WEDNESDAY:
Target , Limited Brands

Buckle , Ross Stores , Sears , Staples

AnnTaylor

Of all of these retail names reporting next week, Kinahan would watch Lowe's as a read on home improvement. He prefers Home Depot, however, because of its management and dividend yield. Adami also likes HD for these reasons.

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CALL TO THE FLOOR: AMERIGROUP

Shares of Amerigroup are at 5-year highs. To talk about that and his outlook for both his company and health care in general, CEO James Carlson stopped by the "Fast Money" studios. Watch the video to see how it went.

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CALL THE CLOSE

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Adami thinks the market could close lower.

Grasso is a seller of the market.

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Trader disclosure: On November 12, 2010, the day this video was recorded, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Guy Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC) and (MSFT). Patty Edwards owns (PM). Steve Grasso owns (ASTM), (BA), (BAC), (BWC), (C), (CSCO), (JPM), (LPX), (MOT), (NDAQ), (PFE), (PRST) and (S). JJ Kinahan Owns (CSCO), (YHOO) and (HD). JJ Kinahan is short (XLF).

GUY ADAMI
Adami’s wife works at Merck

PATTY EDWARDS
Edwards Owns (BKCC) For Clients
Edwards Owns (BMO) For Clients
Edwards Owns (AAPL) For Clients
Edwards Owns (PM) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (CSCO) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (SBUX) For Clients
Edwards Owns (DIS) For Clients
Edwards Owns (F) For Clients
Edwards Owns (TTM) For Clients
Edwards Owns (WMT) For Clients
Edwards Owns (HD) For Clients
Edwards Is Long S&P 500 For Clients
Edwards Is Long Nasdaq 100 For Clients
Edwards Is Long Russell 2000 For Clients
Edwards Is Long Gold For Clients
Edwards Is Long Silver For Clients

STEVE GRASSO
Stuart Frankel & Co and it’s partners own (AAPL)
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co And Its Partners Own (UNM)
Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners are short (MCD)
Stuart Frankel & Co and it’s partners are short (AAPL)

AUGUSTE RICHARD
(AOSL), (NANO) Have Been Investment Banking Clients Of Piper Haffray In Past 12 Months
Piper Jaffray Received Non-Investment Banking Securities-Related Compensation In Past 12 Months From (AATI), (HITT), (INTC), (VLTR)
Piper Jaffray Is A Market Maker In (AATI), (ALTR), (AOSL), (ATHR), (CAVM), (CGNX), (HITT), (INTC), (LLTC), (MPWR), (NANO), (NETL), (ONNN), (POWI), (SLAB), (UCTT), (VLTR)
Pipper Jaffary Provides Bids And Offers For (TER) And Buys And Sells (TER) On A Principal Basis

GE Is The Parent Company Of CNBC

CNBC.com with wires.

Symbol
Price
 
Change
%Change
ANF
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ANN
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BKCC
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BKE
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BMO
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HD
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JWN
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LOW
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LB
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SHLD
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SPLS
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TGT
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TJX
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URBN
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WMT
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SPDR FIN SEL
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