Pros Pick Market Plays Amid Tumbling Stocks
Online Producer
The "Fast Money" pros saw glimmers of opportunity Tuesday even as DuPont and Apple led stocks lower, sending the Dow Jones Industrial Average more than 200 points lower and the S&P 500 down more than 20 points.
"We actually bought a little bit of hedge back," Karen Finerman of Metropolitan Capital Advisors said, adding that she added to her Macy's holdings.
RiskReversal's Dan Nathan noted that it wasn't just earnings, as European concerns, declining oil prices and global growth concerns all helped to push stocks lower.
"It all seemed to kind of crescendo," he said.
Nathan played the day by adding spreads to his November puts in order to reduce his cost basis.
"I still think we have lower lows," he added.
The S&P 500 broke "significant support around 1,430," noted EmergingMoney.com's Tim Seymour.
"I think there are sectors people have no conviction on," he said. "More will come off."
OptionMonster.com's Pete Najarian saw plenty opportunity, jumping into Petrobras.
But he cautioned against making decisions on price alone.
"You look for reasons," he said. "Is it going down with the herd?"
Trader disclosure: On Oct. 23, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: BOB PECK IS LONG FACEBOOK; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long NFLX; Karen Finerman is short SPY; Karen Finerman is short MDY; Karen Finerman is short IWM; Tim Seymour is long BAC; Tim Seymour is long SBUX; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Dan Nathan is long GS NOV 115/110 PUT SPREAD; Dan Nathan is long JPM NOV 47/40 PUT SPREAD; Dan Nathan is long MS JAN 10/5 142 PUT SPREAD; Dan Nathan is long YHOO JAN 17.5 CALLS; Dan Nathan is long AZN NOV 230/210 PUT SPREAD; Dan Nathan is long CHK JAN 12.50 PUTS.
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