The roller coaster ride in the financials continued Monday, as nervous investors eyed Europe and two big banks reported their earnings. But even when there’s good news, Fast trader Stephen Weiss wants nothing to do with the sector.

“I still think banks are a bad place to be,” Weiss said. “We don’t know what their earnings models, their business models are going to be ultimately.”

Plus, he said, the prop traders have left already in anticipation of the Volcker Rule, so the banks lost a “big way” to generate a bigger return on investment.

Results were mixed as two big names reported their quarterly earnings Monday. Citigroup reported stronger-than-expected earnings, but Wells Fargomissed earnings estimates by a penny.

Jon Najarian is also staying away from banks, at least right now.

“These guys are buy rumor, sell news,” he said, noting that global banks jumped 30 percent on the news last week that German Chancellor Angela Merkel and French President Nicolas Sarkozy promised to unveil a comprehensive new package to ease the euro zone’s debt crisis.

But he has his eye on JPMorgan, which ran up last week. If it pulls back to around the $27 level, it will be a “screaming buy.”

However, if you want to buy the banks, Pete Najarian advises to do so for the long-term.

“If you have long-term perspective, absolutely some of these names look very, very cheap,” he said. 

The Fast pros also looked ahead to Tuesday's earnings report by Goldman Sachs . Both Weiss and Steve Grasso are steering clear.

"The model's completely broken," Weiss said. The company's prop traders have opened up their own hedge funds, he added, and you don't know how that will impact the bottom line.

Grasso said while those on the floor think Goldman is a "well-oiled machine," it is also the poster child for the "political theater" going on with the Occupy Wall Street protests.

If you are going to play it, Pete Najarian suggests doing it on the long side using options and a call spread of $5 or $10.

"It's beaten," he said. "At $95, it's tough not to like Goldman."

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Trader disclosure: On Oct 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; P. Najarian is long AAPL; P. Najarian is long C; P. Najarian is long MS; P. Najarian is long YHOO; P. Najarian is long WFT calls; P. Najarian is long WFC calls; P. Najarian is long HPQ; Weiss is short CAT; Weiss is long EUO; Weiss is long QCOM; Weiss is long HPQ; Weiss is long RIMM; Weiss is long NS; Weiss is long NIHD; Grasso owns AA; Grasso owns AKS; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; J. Najarian owns WYNN call spreads; J. Najarian owns AAPL call spreads; J. Najarian owns LVS call spreads; J. Najarian owns WFT call spreads; J. Najarian owns SWN call spreads; J. Najarian owns EUO call spreads; J. Najarian is long CIGX; J. Najarian long CBOE; J. Najarian long CME; Edwards is long XLK; Edwards is long TQNT


For Steve Grasso
Stuart Frankel & Co and it’s partners own(CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN) (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own JPM
Stuart Frankel & Co and it’s partners own MET
Stuart Frankel & Co and it’s partners own MSFT
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own UAL
Stuart Frankel & Co and it’s partners own XRX

For Patty Edwards
Trutina Financial is long Apple (AAPL)
Trutina Financial is long Citigroup (C)
Trutina Financial is long Google (GOOG)
Trutina Financial is long Oracle (ORCL)
Trutina Financial is long SPDR Gold Trust (GLD)
Trutina Financial is long AMZN
Trutina Financial is long QCOM
Trutina Financial is long WFT
Trutina Financial is long SWN
Trutina Financial is long KMP
Trutina Financial is long SBUX
Trutina Financial is long HAL

For Colin Gillis
No disclosures

For Dan Dicker
Dicker owns ETP
Dicker owns EPP

For Howard Lindzon
Lindzon is long AAPL
Lindzon is long AMZN

For Amelia Bourdeau
No disclosures

CNBC.com with wires.