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‘Buying until my hands bleed’: Pro

'Buying until my hands bleed': Pro

A few choice stocks could present a buying opportunity as Washington lurches toward a debt-ceiling deadline, Simon Baker of Baker Avenue Asset Management said Tuesday.

"I think consumer confidence is going to take a hit through this," he said.

Baker added that consumer staples and high-end retail would bear the brunt of the hit from the failure of Congress to pass a federal funding budget and approach a deadline to pay the nation's debt obligations.

On CNBC's "Fast Money," Baker signaled what he was looking to do.

"Any of these names that are selling off purely on the risk-off trade, I'd be going in," he said. "I'd be buying until my hands bleed."

Hedge-fund manager who have been waiting for a pull-back in stocks to put money to work would send the market higher after short-term rockiness, he added.

"I think they're going to rally in November/December," Baker said.

Joe Terranova of Virtus Investment Partners said that investors should take note of what's ahead.

"I think if you're being complacent right now, you're not in the right frame of mind," he said. "You have to understand that this is becoming a more significant correction, clearly, than we saw over the last couple of weeks.

"Technicals clearly say that we're breaking down. We're coming into earnings season. I think you have to be concerned about what you see right now in the marketplace, and you have to be taking some sort of action."

Stephen Weiss of Short Hills Capital said that he was itching to buy but not doing so yet.

"I'm actually anxious to get money to work, but I'm unwilling to do it now because I hate losing money, and some days I'm very good at that," he said.

Washington's impasse would likely be resolved, although after some more fear is injected into the market, Weiss added.

"I don't think any market is prepared for a defaulting on debt, especially when you're the USA," he said. "I still don't think it'll happen. I don't know anybody who does think it will happen. But I do continue to expect volatility right up until the time that we hopefully get an agreement in D.C."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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