CNBC "Fast Money" traders looked for ways to play defense—or even profit—Monday as Greece's debt crisis continued to shake markets.
U.S. and European stocks closed broadly lower as investors watched the cash-strapped nation face increasing likelihood it would default on its obligations or leave the euro zone. Greece implemented capital controls and said it would keep banks closed for much of the week ahead of a referendum on a possible bailout deal slated for Sunday.
For trader Pete Najarian, investors should make a bet on volatility increasing with CBOE Volatility Index options. The index spiked 34 percent on Monday as fiscal problems in Greece and Puerto Rico, among other factors, fueled uncertainty.
"I don't know that we're done with that, yet. I think we're going to see more volatility," he said.
Trader Tim Seymour also saw opportunities on potential weakness in Europe. He looked to possible shorts on the "most vulnerable" asset classes, including big financial institutions like Deutsche Bank and UBS.
Deutsche Bank and UBS shed nearly 7 percent and 3 percent, respectively, Monday.
Seymour also saw potential weakness in Spain and Italy, two nations with fiscal issues that could flare up once Greece falls from the spotlight. The iShares MSCI Spain and Italy capped exchange-traded funds both fell more than 5 percent Monday.
Trader Guy Adami looked to play Greece in U.S. markets. He believes the Dow Jones industrial average transportation stocks could fall further.
He would bet on the iShares Dow Jones Transportation Average ETF going lower. It fell nearly 2 percent Monday.
He also believes Palo Alto Networks will push higher. Shares of the cybersecurity company dropped about 2 percent Monday.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE and TBT. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MRK, PEP and PFE. He is long calls AAPL, ABX, BAC, BBY, C, DAL, DE, ETFC, FCAU, GS, HYS, INVN, JPM, LULU, NUAN, OC, PNR, S, SXC, SYY, UAL, UBS, USB, VOYA, VZ, XLF and ZIOP.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, FIT, KBH, MJNA, PFE, PHM, T, TWTR and GDX. His firm is long ACI, OXY, NE, RIG and FCX. His kids own EFG, EFA, EWJ, IJR and SPY.