5 ways to trade the Greece deal

5 ways to trade the Greece deal

Greece's bailout extension doesn't spell an end to market uncertainty, CNBC's "Fast Money" traders said.

"If you get any type of issues, gold's the way to play it," said trader Brian Kelly.

European finance ministers on Friday agreed to extend Greece's bailout package for four months, contingent on Greek fiscal reforms. Though markets reacted positively to the news, more geopolitical concerns loom, Kelly said.

Read MoreDeal reached between Greece, creditors

Conflict in Ukraine, for instance, could derail markets, he said. If market volatility drives gold higher, Kelly sees upside in the SPDR Gold Trust, in which he has a long position.

A man adjusts a Greek flag ahead of the visit of Greek Prime Minister Alexis Tsipras at the European Commission headquarters in Brussels February 4, 2015.
Yves Herman | Reuters

Trader Guy Adami was also bullish on gold. He looked to trade gold miners with the Market Vectors Gold Miners ETF.

The Greek deal bodes well for European stocks, said trader David Seaburg. If European equities climb, the SPDR Euro STOXX 50 ETF could prove a good play, he said.

"I do believe it's going to go up near-term," Seaburg said.

Trader Dan Nathan didn't see as much promise in European stocks. He said he planned to look at put options in the fund on projected weakness down the road.

Russia provides another uncertainty for European markets, Kelly said. Moody's Investor Service downgraded its sovereign debt to junk status on Friday.

Read MoreMoody's downgrades Russia sovereign debt to junk

He sees downside in the Market Vectors Russia ETF moving forward.


Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar, copper, yen and yuan.

Dan Nathan

Dan Nathan is long BBRY June call spread, DIS Feb 92.50/87.50 put spread, KO March put spread, M March call spread, MSFT March call spread, MU March 31/26 put spread, QQQ Feb 101/ 95 put spread, XLF March put spread, XLU March 48/44 put spread, XRT March 90/85 put spread and YUM Feb 72.50/68 put spread. Today, he added M March call spread.