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These are the new safety plays, traders say

Given the uncertain market environment where yield rules all, CNBC's "Fast Money" traders threw traditional safety trades out the window on Wednesday.

The S&P 500 consumer discretionary sector was almost 1.3 percent higher on Wednesday, on a day the S&P 500 closed up 0.54 percent. But consumer staples companies were nearly flat at the closing bell.

These "safety" companies, usually considered defensive and recession resistant, might now be crowded trades headed toward danger, according to the "Fast Money" traders.

Safe safety
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"It's all about yield — that's all that matters, that's all that anybody cares about right now," trader Brian Kelly said. "That can get very dangerous — that's bubble-like territory."

Instead, the traders named their own picks for safe stocks.

CME Group is an example of a stock that Kelly owns for its relative value. It has nice yield and could benefit from volatility, Kelly said. But trader Karen Finerman doesn't look for yield at all — her safety trade, Anthem, is U.S.-centric and is "doing just fine."

Until he sees a rising rate environment where global growth is increasing, trader Steve Grasso is staying safe in Altria Group and the utilities sector.

Funds that track the health care sector and emerging markets could be the new safety trades, trader Tim Seymour said. Emerging markets have supportive valuations and healthcare companies have earnings revisions that are "mildly positive," Seymour said.

Disclosures:

Tim Seymour

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL,GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA,VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ,F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN,YHOO, short HYG, IWM

Steve Grasso

Steve Grasso is long BA, CC, EVGN, JCP, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY No Shorts Stuart Frankel & Co Inc. and some of its Partners are long TOL, JPM, JCP, AAPL, LDP, WDR, AVP, CVX,FCX, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI,TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD

Karen Finerman

Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is longANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls,KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Brian Kelly

Brian Kelly is long Bitcoin, DDG, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short @CL.1, CHF=, EUR=, JPY=