Buy the Dip, But Not Quite Yet: Pros

On Monday, investors were trying to make sense of the market, after an early rally fizzled and stocks closed in negative territory.

Initially word that Spain had accepted a bailout from the EU boosted investor sentiment and the S&P popped but investors quickly took profits and by the close the market was in the red.

“That’s the way to game this market,” says trader Mike Murphy. “You’ve got to sell the rips.”

Murphy as well as the other Fast Money traders believe the market is range bound. But they also say it’s a tradable market.

That means in addition to selling the rips, traders are buying the dips. However, not yet.

Trader Guy Adami thinks the market probably has more downside. “I think we test 1292 sometime this week,” he says.

However, if and when we do, Adami and Murphy both say watch the action - if the market holds, that would be the time to hit the buy button.

And if you’re looking for some single stock suggestions – Murphy says look at Cummins and United Rentals . “I expect tradable moves in both names,” he says.

Posted by CNBC's Lee Brodie

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Trader disclosure: On June 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour is long AAPL; Tim Seymour is long INTC; Tim Seymour is long SBUX; Pete Najarian is long AAPL stock; Pete Najarian is long AAPL calls; Pete Najarian is long C; Pete Najarian is long WFC calls; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long SCCO; Pete Najarian is long BP; Pete Najarian is long DCTR calls; Pete Najarian is long OIH calls; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Mike Murphy is long INTC; Mike Murphy is long TGT; Mike Murphy is long PHM; Scott Nations is long C; Scott Nations is long BAC; Scott Nations is long JPM; Scott Nations is long SPY

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