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What to sell at records highs


The "Fast Money" traders discussed which stocks to sell to take advantage of the market's record high closing on Friday.

The market moved higher after President Donald Trump said on Thursday, a "phenomenal" tax plan will be announced in two to three weeks.

Trader Brian Kelly said he's selling United Rentals.

"There's nothing wrong with the company but it's had just a tremendous run," he said. The stock is up 179 percent in the last 12 months.

Kelly also said Amazon's move into selling auto parts online is a bad sign for names like Autozone, O'Reilly, and AutoNation. He is stepping out of the space because of the online retail giant's competition.

Trader David Seaburg said he is taking profits from large cap banks stocks such as J.P. Morgan, Bank of America and Citibank. He said he plans to get back into those names on a pullback.

Trader Steve Grasso offered commentary on the rally and said the market is overbought. He said he thinks Trump's announcement will not deliver what traders expect and there's a market risk to the downside.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017.

Disclosures:

STEVE GRASSO

Steve Grasso's firm is long: AGN, BIIB, BIVV, CHK, COG, CUBA, DIA, HES, ICE, KDUS, MFIN, MJNA, MSFT, NE, REGN, RIG, SPY, TITXF, VIRT, WDR, WLL, ZNGA. Grasso is Long: CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, QCOM, SPY, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts.

BRIAN KELLY

Brian Kelly Is long FCX, Bitcoin, SLV, XLF, HLF, TLT

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. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"

TIM SEYMOUR

Tim Seymour is long ABX, AAPL, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM