×

Traders re-evaluate strategy ahead of Fed meeting

The "Fast Money" traders re-evaluated their investment strategies on Friday as the major indexes saw their worst day since June 24.

The sell-off followed increased concern about the possibility of the Federal Reserve raising the benchmark federal funds rate.

Trader Steve Grasso said that investors who believe the Fed will hike should "buy the market" a couple of days ahead of the Sept. 20 and 21 meeting. Grasso said that he would probably get back into the retailers and banks.

Trader David Seaburg said companies like TJX and Lululemon look attractive because they did not have "horrible" earnings, yet the stocks got pummeled anyways.

Trader Guy Adami said he's still bullish on the bond market and gold.

Disclosures:

STEVE GRASSO

Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, GDX. Grasso's children own EFA, EFG, EWJ, IJR, SPY. No shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, 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, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP

DAVID SEABURG

Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT.

KAREN FINERMAN

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

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.