Trader Guy Adami noted, though, that Macy's could make a good trade using this year's low of just under $38 per share as stop. He said traders could also use Nordstrom's low of about $50 per share as a stop.
The stock closed Monday at just under $57 per share.
Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JCP, JPM, KO, LGF, T, TWTR, VRX. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO.
Long PFE buy-write, Long TWTR & Long March Risk Reversal, Long EEM Dec 35/32 Put Spread, long IWM Dec Put Spread, Long UUP call spread, Long XLU Dec Call Spread, Long PYPL Jan Risk Reversal, Long M Jan16 52.50 / 62.50 call spread, Long INTC Dec Put Spread, Long XLF Dec put spread, Long NTAP risk reversal
Brian Kelly is long BBRY, GDX calls, GLD, Bitcoin, Hong Kong Dollar, TLT, US Dollar; he is short Yuan, British Pound, Candaian Dollar, Euro, GSG, Swiss Franc, Yen, EEM, EWC, EWH, EWU, EWG, SPY
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.