Jeff Macke would take some gains ahead of the Fed decision, particularly in the XLF .
Karen Finerman recommended buying TIPS (Treasury-Inflation Protected Securities), which act as protection against inflation.
Pete Najarian said that Crocs was looking attractive again after losing more than half its value since that ugly sell-off in November.
Guy Adami called Merck a “compelling” trade after its earnings Wednesday.
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Trader disclosure: On Jan 29, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS), (YHOO), (EMC): Najarian Owns (BIIB), (C), (CSCO), (ETFC), (MS), (MSFT), (MCD), (XLF); Najarian Owns (WEN) Calls, (AAPL) Calls, (YHOO) Calls, (EBAY) Calls; Finerman Owns (GS); Finerman's Firm Owns (TSO), (VLO), (WMT), (YHOO), (SUN); Finerman's Firm Is Short (MDY), (IYR), (IJR), (SPY), (CLWR), Finerman's Firm Is Short (LEH) And Owns (LEH) Puts