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Pro Traders ID 9 Hot Stocks in a Tepid Market

On Thursday investors were again struggling with uncertainty in the market with the potential for a sharp sell-off looking about as likely as a sharp rally.

The catalyst again was Europe – with an important summit scheduled for this weekend.

Bulls are hoping leaders make strong progress toward a solution – something Angela Merkel and Nicolas Sarkozy suggested was quite possible earlier in the month.

However, late newspaper reports out of Europe are saying that’s not the case and some are even saying the meeting could be postponed.

Ready to pull your hair out? No need.

The Fast Money traders say the way to navigate this market is to look for single stock stories. And they've spotted a slew of them.

Here’s how the Fast Money traders are positioning.

Strategy Session with the Fast Money traders

“I’d look at eBay ," says Guy Adami.

The stock sold off post earnings with investors worried about the company's marketing costs however Adami thinks it's a buy due to the company's PayPal business. (click here to find out Adami's 'Buy' level for eBay)

"And I’d look at Microsoft post earnings," he says. "If it sells off I’d pull the trigger.”

Adami also tells us Yahoo! is on his radar because it’s up in a down tape.

”I’d also look at tech,” adds trader Patty Edwards, "the earnings reports have not been that bad. But I’d play it long Oracle as a play on corporate tech spending.”

Trader Steve Grasso says his clients will often look at what’s working – what’s green -and on Thursday that was ag stocks. “Look at Mosaic , Agrium, Potash and CF Industries ," he says.

Trader Phil Pearlman suggests capitalizing on “the oscillation between risk on and risk off.” He suggests making a buy list and buying when things look like they’re going sour.

What does Pearlman like? “Look at Intel ,” he says. “They reported a really solid quarter – they’re growing in China and the PC market is not dead. “

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Trader disclosure: On Oct 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami Owns AGU; Adami Owns C; Adami Owns GS; Adami Owns INTC; Adami Owns MSFT; Adami Owns NUE; Adami Owns BTU; Edwards is owns AAPL; Edwards is owns C; Edwards is owns GOOG; Edwards is owns GLD; Edwards is owns AMZN; Edwards is owns QCOM; Edwards is owns MSFT; Edwards is owns V; Edwards is owns EBAY; Edwards is owns PM; Edwards is owns WLT; Edwards is owns LQD; Edwards is owns JNK; Grasso owns AA; Grasso owns AKS; Grasso owns ASTM; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Pearlman is long GLD; Pearlman is INTC; Pearlman is YHOO; Gordon is short AUD/JPY; Gordon is long TLT; Gordon is long UUP

For Steve Grasso
Stuart Frankel & Co and its partners own CUBA
Stuart Frankel & Co and its partners own CSCO
Stuart Frankel & Co and its partners own GERN
Stuart Frankel & Co and its partners own HPQ
Stuart Frankel & Co and its partners own JPM
Stuart Frankel & Co and its partners own MET
Stuart Frankel & Co and its partners own MSFT
Stuart Frankel & Co and its partners own MU
Stuart Frankel & Co and its partners own NYX
Stuart Frankel & Co and its partners own PFE
Stuart Frankel & Co and its partners own PRST
Stuart Frankel & Co and its partners own UAL
Stuart Frankel & Co and its partners own XRX

For Rich Ilczysyzn
No disclosures

For Gregg Moskowitz
No disclosures

For Todd Gordon
Aspen Trading is short AUD/JPY

For Gordon Johnson
No disclosures

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