"The last thing a bull like me wants to see is buying panic, so I'm enjoying this selloff, and I hope it continues," he said. "And I think it will. And that's going to be a great opportunity to, not only hold those groups, but maybe in that decline you start taking a look at the utilities and the REITs again."
However, Acampora warned against jumping into that trade too soon.
"I think it's a little too early for that," he said.
Acampora said that stocks could head toward their 200-day moving averages, about a 10 percent pullback.
"This decline is broadening out," he added, noting that the DAX broke out from a double-top and that emerging markets made new lows.
"It's a global affair, and I think it's long overdue," he said. "And I'm very happy."
(Read More: Gold Could Continue to Slide Toward $1,200: Pro)
Acampora also looked to gold's short-term low in April, seeing its short-term trading range around $1,320 to $1,485.
"The longer-term is questionable," he said. "Until that $1,321 breaks, I'd say the odds are that gold stabilizes here."
Trader disclosure: On June 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long GM; Karen Finerman is long JCP PUTS, SHORT DEBT; Karen Finerman is long M; Karen Finerman is short SPY; Karen Finerman is short MDY Puts; Dan Nathan is long VIX JUN 16/20 CALL SPREAD; Dan Nathan is short SPY; Dan Nathan is long XLE JUN 80/77 PUT SPREAD; Dan Nathan is long FB JUN/JULY 25 CALL SPREAD; Dan Nathan is long MS JUNE WEEKLY 25 PUTS; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long GM; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is funds long F; Steve Grasso is funds long GM; Steve Grasso is funds long PAY; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long NEM; Steve Grasso is funds long MU.