"Until the election, there still remains a tremendous amount of uncertainty, and the markets hate uncertainty," he said.
Mike Murphy of Rosecliff Capital wasn't buying in either, but for different reasons.
(Read More: Facebook's the Top Player in This Metric: Peck)
"I think the technicals in the market have really broken down last week or so," he said.
Murphy said that the S&P 500 had been range-bound between 1,425 and 1,475 — but now the market could be seeing 1,425 as resistance to the upside.
"So I want to see the market above that before I start really allocating," he said.
Murphy said that he bought Facebook puts, calling the stock's recent bounce "overdone — and I think there's downside there."
Written by Bruno J. Navarro, CNBC.com Producer.
Trader disclosure: On Oct. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long QCOM; Steve Weiss is long C; Mike Murphy is long AAPL PUTS; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is short FB PUTS; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW;
For Jordan Rohan
Stifel, Nicolaus & Company, Inc. makes a market in the securities of Facebook, Inc.. Stifel, Nicolaus & Company, Inc. or an affiliate managed or co-managed a public offering of securities for Facebook, Inc. in the past 12 months. Facebook, Inc. is provided with investment banking services by Stifel, Nicolaus & Company, Inc. or was provided with investment banking services by Stifel Nicolaus or an affiliate within the past 12 months. Facebook, Inc. is a client of Stifel, Nicolaus & Company, Inc. or an affiliate or was a client of Stifel Nicolaus or an affiliate within the past 12 months. Stifel, Nicolaus & Company, Inc. expects to receive or intends to seek compensation for investment banking services from Facebook, Inc. in the next 3 months. Stifel, Nicolaus & Company, Inc or an affiliate has received compensation for investment banking services from Facebook, Inc. in the past 12 months;
For Dennis Gartman
Dennis Gartman is short US 10Y Treasuries;
Dennis Gartman is long GOLD;
For Todd Edgar
Todd Edgar is SHORT NEW ZEALAND DOLLAR;
Todd Edgar is SWEDISH KRONER.
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