Where to find gains ahead of the taper

A couple of trades could see upside ahead of the possible tapering of Fed asset purchases, Joe Terranova of Virtus Investment Partners said Monday.

"I haven't knocked on anything in terms of taking down the exposure because I think on the other side of the end of September I'm going to be OK," he said.

On CNBC's "Fast Money," Terranova said that he had added a "small" position in Caterpillar.

"I think it's nothing more than for a trade," he added, noting that he paid around $84¼ per share.

Terranova also said that he was watching the U.S. crop report and the outlook for soybeans, eyeing a potential opportunity in a sharp sell-offs in ag names.

Josh Brown of Fusion Analytics said that investors should expect volatility ahead of a possible tapering of asset purchases by the Federal Reserve.

"My message is: That's just fine," he said. "There's nothing wrong with that . "

Brown also noted "huge issuance" in junk bonds.

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Now, it was time to re-evaluate holdings, he added.

"Look at your positions," Brown said. "If you've got some stuff you're up huge this year, don't feel like you have to add to it just because the market's going up. You know, you can also sell some. You can also take some off. That's the way I would think about it, but you're not compelled to do anything, quite frankly."

Stephen Weiss of Short Hills Capital noted that stock market volume has "dried up."

(Read more: S&P 500 going to '1,500 or below': Strategist)

"I'm not finding great opportunities," he said. "I still think things are fairly valued here."

Weiss said that on stocks that had run up, it was a good idea to shave holdings, while considering a "nibble" on cheaper names.

But he also said that he wasn't compelled to do much.

"You had a great year so far," he said. "Take some time off"

(Read more: 'Too early' to buy emerging markets: Marc Faber)

TheStreet CIO Stephanie Link saw a direction in the market.

"So, I think what's pretty clear is that the cyclicals continue to do pretty well," she said. "It's not just the industrials and the tech and financials."

Link added that growth in the United States was improving, and global economies were "getting a little bit better in terms of Europe and in terms of China."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long VRTS; Joe Terranova is long OXY; Joe Terranova is long TRV; Joe Terranova is long EMC; Joe Terranova is long SJM; Joe Terranova is long TRIP; Joe Terranova is long SBUX; Joe Terranova is long HOS; Joe Terranova is long AXP; Joe Terranova is long PXD; Joe Terranova is long EOG; Joe Terranova is long CXO; Joe Terranova is long LTD; Joe Terranova is long CAT; Josh Brown is long DD; Josh Brown is long VAW; Stephen Weiss is short JCP; Stephen Weiss is long BBRY; Stephen Weiss is long POT; Stephen Weiss is long MOS; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long JOY; Stephanie Link is long GPS; Stephanie Link is long VALE; Stephanie Link is long EBAY; Stephanie Link is long FCX; Stephanie Link is long APC.