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Buy or sell the FANG stocks: 4 fast trades

The big market leaders— Facebook, Amazon, Netflix and Google— also known as the 'FANG' stocks, all slid during Thursday's trading session.

So where do the traders think they will go from here?

Netlfix was the worst performer of the group, and CNBC "Fast Money" trader Dan Nathan said that Netflix could dip to $80 in the near future.

"On an institutional basis, I'm not sure there's an incremental buyer here. The analyst community did suck a lot of retail in, so now we're in very uncertain times; there's no valuation support. We've seen some of their competitors get absolutely creamed, like Disney," he said.

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Trader Brian Kelley lumped Netflix and Amazon together as products that are loved by everyone, but have worrisome stocks. He said that when a stock performs this well, it might be time to cash in and get out.

"Netflix basically doubled since April. Amazon has absolutely ripped in the last couple of months. When things go parabolic, that generally is where you start to take a lot of profit, if not all of them, and that is probably it in these particular cases," he said.

Google

"It didn't blow up to the upside the way the others did. The top holders still seem to be staying in, by and large. It seems like these guys are happy holding Google, so it's growth at a reasonable cost," trader Steven Grasso said.

Disclosures:

DAN NATHAN

Dan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG.

STEVE GRASSO

Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, OXY, RIG, AMZN His kids own EFA, EFG, EWJ, IJR, SPY.

BRIAN KELLY

Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasuries.