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Weiss: Go Long With ‘Ugliest, Junkiest’ Stocks

With the Federal Reserve’s move to keep interest rates low through 2015, investors would do well to look at the “ugliest, junkiest” stocks for growth, Stephen Weiss of Short Hills Capital said Friday on CNBC.

“I bought the stuff that I hated the most before Big Ben came out,” he said on “Fast Money.”

Weiss said he turned iron ore and ArcelorMittal shorts into long positions.

“I went long because the ugliest, the junkiest generally have the biggest move,” he added.

Energy and technology were other favoriets.

Weiss said he was also a buyer of Total — “huge yield, stay there” — and Qualcomm — “It’s going to be a monster.”

Responding to earnings concerns by Stuart Frankel’s Steve Grasso, Weiss said he wouldn’t be in the stocks long enough.

“I will be out of those stocks before I get mid-quarter,” he said.

Trader disclosure: On Sept. 14, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long call sreads in AAPL; Jon Najarian is long call sreads in GS; Jon Najarian is long call sreads in JPM; Jon Najarian is long call sreads in SBUX; Jon Najarian is long call sreads in FB; Jon Najarian is long call sreads in AMZN; Jon Najarian is long call sreads in GOOG; Jon Najarian is long call sreads in VZ; Jon Najarian is long call sreads in S; Jon Najarian is long call sreads in LVS; Jon Najarian is long call sreads in WYNN; Jon Najarian is long GLUU; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Steve Weiss is long AAPL CALLS; Steve Weiss is long TBT; Steve Weiss is long JPM; Steve Weiss is long BAC; Steve Weiss is long BBT; Steve Weiss is long VOD; Steve Weiss is long VZ; Steve Weiss is long T; Steve Weiss is long MT; Steve Weiss is long VALE; Steve Weiss is long QCOM; Steve Weiss is long BRCM; Steve Weiss is long AIG; Steve Weiss is long TOT; Steve Weiss is long HK; Steve Weiss is long COP; Steve Weiss is long MSFT; Steve Weiss is long M; Steve Weiss is short AAPL Puts; Steve Grasso is long PAY; Steve Grasso is long QQQ; Steve Grasso is long HPQ; Steve Grasso is long MU; Steve Grasso is long ZNGA; Steve Grasso is long KO; Steve Grasso is long KSS.

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