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Traders position ahead of a possible December rate hike

The "Fast Money" traders reevaluated their portfolios after the Federal Reserve left interest rates unchanged on Wednesday.

Trader Tim Seymour said he took off some positions he had held He explained that Wednesday's announcement signaled that the Federal Reserve is gearing up to raise interest rates, which Seymour said is "not great for stocks." While the market may not fall significantly in the near-term, Seymour said it would be trouble to assume that the market could go much higher from here.

Trader Pete Najarian pointed to the semiconductor stocks, which he said have strong fundamentals beneath their climbs. The VanEck Vectors Semiconductor ETF closed at $67.46 on Wednesday, just shy of its 52-week intraday high of $67.68. Najarian explained that it is an attractive dividend yield play that also has growth.

Trader Dan Nathan agreed and said that the sector could see continued growth amid merger and acquisition activity.


Disclosures:

DAN NATHAN

Dan Nathan is long TWTR, long PYPL call calendar, Long FEZ Nov put spread, long EEM Nov put spread, long XHB Jan put spread, long XLK Jan put spread, XLU Dec call spread.

TIM SEYMOUR

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, and short HYG, IWM, UAL.

PETE NAJARIAN

Long stock: AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMIA, KO, LUX, PEP, PFE, VIAB CALLS: AAL, ABT, AMD, BAC, BSX, CNX, COP, CRM, CS, CSCO, DAL, DISH, ETP, GS, GT, INTEL, JBLU, JCP, KBE, KGC, LLY, KMI, KO, LOW, M, MYL, SBUX, SLW, TMUS, TTS, TWTR, VRX, X, SLV, ATVI, WUBA and puts: CLF, EEM, SPY.

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. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in DVN, 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.