Let Dust Settle Before Buying Retailers: Pro
Good news priced into retail stocks last week means investors can wait for a pullback to get back in, TheStreet CIO Stephanie Link said Monday on CNBC.
"I think that a lot of the reason retail was down today is because it was up 1.8 percent on Friday and up 4.8 percent all of last week, so it did outperform the broader averages. So I think you probably priced in the good news last week, and I think you can pick your spots," she said on "Fast Money."
Retail ETF XRT was down 1.5 percent at 12:30pm ET.
(Read More: Short These Luxury Retail Names: Lamensdorf)
"But I don't think you need to buy today," she said. "I think you've got to let the dust settle because these stocks have had a nice run."
(Read More: Black Friday's 3 Retail Winners (Not Apple): Pro)
Joe Terranova of Virtus Investment Partners also liked TJX — as a proxy for Corning, which manufactures the glass used in smartphones, tablets and TV touchscreens that the retailer sells in its stores.
Trader disclosure: On Nov. 26, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long GE and AAPL; Joe Terranova is long VRTS, TJX, AAPL, SWN, VZ AND XOM; Josh Brown is long AAPL, WFC, GDX, GLD, XLU, TLT, XLF, WMT, TGT, GOOG, HD, LOW; Brad Lamensdorf: Ranger Equity Bear is short GT, COH, GMCR, TIF, BHI; Citigroup makes a market in shares of AAPL.
Got something to to say? Email firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published online, email email@example.com.