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Market Set for ‘A Hold Moment,’ Terranova Says

With a likely September stock market slowdown ahead, it’s time to pare back long positions, “Fast Money” pro Joe Terranova said Tuesday.

“Well, first of all, I don’t think you can dismiss the importance of the next 10 or 12 days in the month of September, and we keep categorizing them in terms of where the market’s going to be at such an elevated level.

“Throughout the summer, whether it be ECB, whether it be the FOMC or whether it be the management of Apple, they’ve all said, ‘We have a full house.’ The market in the 12 next days is going to say: ‘Show me your cards,’” he said. “I think this is a moment, really, where it’s a hold moment. I don’t necessarily know that you go aggressively long or aggressively short here.

“You’re paring back long positions. That’s what I’m doing. And you’re waiting to see, do they have the full house or not.”

Trader disclosure: On Sept. 4, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: 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; Stephen Weiss is long HK; Stephen Weiss is long QCOM; Stephen Weiss is short X; Stephen Weiss is short TCK; Stephen Weiss is short AKS; Stephen Weiss is short VALE; Stephen Weiss is short AAPL PUTS; Joe Terranova is long VRTS; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long CSTR; Joe Terranova is long CHKP; Joe Terranova is long EMC; Joe Terranova is long NXPI; Michael Murphy is long WFC; Michael Murphy is long TGT; Michael Murphy is long SDS; Michael Murphy is long JCI.

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