Sell these stocks right now: 'Fast Money' traders

Trader on the floor of the New York Stock Exchange, May 21, 2014.
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Trader on the floor of the New York Stock Exchange, May 21, 2014.

According to "Fast Money" trader Brian Kelly, "There's an old Wall Street adage that nobody ever went broke taking a profit."

As the S&P 500 hovers just a shade away from all-time highs, Kelly and the rest of the "Fast Money" crew say that that now is the perfect time to take profits in select names.

On CNBC's "Fast Money" on Thursday, Kelly said to sell home improvement retailer Home Depot, which has climbed more than 100 percent in the past three years. "Home Depot has been on a tear," he said, "I don't think it continues, and I think at the very least, sell half of it." Kelly said that if cracks in the market start to appear, he would even consider shorting the name.

Guy Adami of stuck with the retail theme and chose Williams-Sonoma as a name to sell. The stock traded higher by more than 8 percent in Thursday's session on the back of a first quarter earnings beat.

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"If you've been in this name and enjoyed this ride higher, I think you have to take profits in Williams-Sonoma," he said.

Steve Grasso of Stuart Frankel said to sell Exxon Mobil right now, on a day when the stock was just $2 shy of its all-time high. According to Grasso, the rotation from momentum names to value stocks has driven up the energy company's share price. "I don't want to call it a value trap, but people were pushed into this name … at this point, this one is frothy."

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Lastly, Karen Finerman said she would take profits in equipment rental company United Rentals, which is up nearly 30 percent so far this year. Finerman's rationale for selling the stock focused mainly on valuation.

"It's not expensive here, but it's no longer as cheap as it was," she said.