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Although the Dow topped 18,000 on Tuesday for the first time since April 28, some stocks have been left out of the recent rally. About 6 percent of the S&P 500 stocks have posted negative returns from the February lows, including Chipotle Mexican Grill, Nike, American Airlines and Hormel Foods.
The "Fast Money" traders debated which of these unloved stocks they would rather own. Trader David Seaburg said that he likes the airlines in general. "They're underowned. I believe that they're on their lows."
"Selectively, I'd be in [the airlines] and American Airlines being one of them, I'd buy it here," he said, adding that he also likes Nike.
Trader Guy Adami said that Hormel Foods looks interesting, especially when you look at its "absolutely parabolic" price action around the beginning of the year.
Trader Pete Najarian agreed and added that the "valuation got so stretched that it became very, very difficult, even with the great numbers, great results to take it down."
"I think you have to wait for the stock to get around 18 times forward earnings and then take a look, meaning it probably trades another $2 or $3 lower from here," Adami said.
Trader Steve Grasso said he prefers Under Armour over Nike, based on past seasonality. He also prefers Tyson Foods over Hormel, saying that they are "mirror images of each other." The former is up 14 percent this year, while the latter is down 13 percent.
In the airline sector, Grasso said he prefers Spirit Airlines to American Airlines, saying that "that one's up, American's under water."
Najarian said he is also a fan of the airlines. He said, however, that he thinks "it's a very difficult trade because it reminds me of the auto trade."
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc.