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The Rise of the Defense Stocks

Defensive stocks pushed higher Tuesday, as the broader market and momentum stocks in particular, sold off into the close.

It felt as though the bulls had the market by the horns on Tuesday, trader Guy Adami said. The bulls had wanted to take the S&P 500 index to the 1,225 level and send the market higher. The pending threat of a default by debt-stricken Greece put a damper on any prolonged rally, though, and sent the S&P back down to the 1,202 level.

The bulls will be back at it on Wednesday, Adami said. He thinks the market could go higher.

To Karen Finerman of Metropolitan Capital Advisors, the Greek debt woes are very disconcerting. After all, she said it's hard to tell who's leading. So while there is a lot of value in the market today, she said it's hard to go in and buy. There's just too much uncertainty. "Fast" traders Tim Seymour and Joe Terranova agreed.

The market looked so strong by midday, Terranova said. It pushed up against technical resistance of 1,220, but when news crossed that there is still no deal to resolve the Greek debt crisis, Terranova said people started selling. Money managers are so suspicious of the move higher that they started selling, he continued. They were getting out of a lot of the momentum names that were working, too, like Amazon .

Seymour said the markets are just plain jittery.

"Thin volumes, rising gold, flattening yield curve tells me people are, if anything, very defensive, very bearish still," Seymour said. "I think you're set up for disappointment tomorrow, even with the Fed because I just don't expect a lot."

Seymour was referring to the U.S. Federal Reserve's latest decision on interest rate policy. The FOMC, a policy-making committee, is expected to try to push already low long-term interest rates even lower this week by tilting towards longer-duration bonds in its portfolio, a move known as Operation Twist.

Trader disclosure: On Sept. 20, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour owns (AAPL), (BAC), (INTC) and (DIS). Guy Adami owns (AGU), (C), (GS), (INTC), (MSFT), (NUE) and (BTU).

KAREN FINERMAN
Finerman and Finerman’s firm own AAPL short calls
Finerman owns (BAC) and Finerman’s firm own (BAC) leaps
Finerman owns GOOG
Finerman’s firm owns IBM
Finerman’s firm owns JPM leaps
Finerman and Finerman’s firm own MSFT
Finerman and Finerman’s firm own ORCL
Finerman owns IWM
Finerman owns MDY
Finerman owns SPY

JOE TERRANOVA
Terranova is long VRTS
Terranova is long OXY
Terranova is long HOS
Terranova is long OIH
Terranova is long CVI
Terranova is long AXP
Terranova is long EMC
Terranova is long WFM
Terranova is long AMZN
Terranova is long WFC
Terranova is long AAPL
Terranova is long IBM

STEVE WEISS
Weiss is long AAPL
Weiss is long QCOM
Weiss is short NFLX

MIKE KHOUW
Cantor Fitzgerald is a market maker in ADBE
Cantor Fitzgerald is a market maker in AMZN
Cantor Fitzgerald is a market maker in AAPL
Cantor Fitzgerald is a market maker in BAC
Cantor Fitzgerald is a market maker in CSCO
Cantor Fitzgerald is a market maker in C
Cantor Fitzgerald is a market maker in CSTR
Cantor Fitzgerald is a market maker in CMCSA
Cantor Fitzgerald is a market maker in DHI
Cantor Fitzgerald is a market maker in DTV
Cantor Fitzgerald is a market maker in EL
Cantor Fitzgerald is a market maker in XLF
Cantor Fitzgerald is a market maker in FCX
Cantor Fitzgerald is a market maker in GS
Cantor Fitzgerald is a market maker in GR
Cantor Fitzgerald is a market maker in GOOG
Cantor Fitzgerald is a market maker in IBM
Cantor Fitzgerald is a market maker in INTC
Cantor Fitzgerald is a market maker in IPG
Cantor Fitzgerald is a market maker in JPM
Cantor Fitzgerald is a market maker in JNPR
Cantor Fitzgerald is a market maker in KBH
Cantor Fitzgerald is a market maker in LVS
Cantor Fitzgerald is a market maker in LEN
Cantor Fitzgerald is a market maker in MTW
Cantor Fitzgerald is a market maker in GDX
Cantor Fitzgerald is a market maker in MGM
Cantor Fitzgerald is a market maker in ORCL
Cantor Fitzgerald is a market maker in PHM
Cantor Fitzgerald is a market maker in QCOM
Cantor Fitzgerald is a market maker in RAH
Cantor Fitzgerald is a market maker in GLD
Cantor Fitzgerald is a market maker in TOL
Cantor Fitzgerald is a market maker in TRV
Cantor Fitzgerald is a market maker in XLU
Cantor Fitzgerald is a market maker in WFM
Cantor Fitzgerald is a market maker in WYNN

JON NAJARIAN
Najarian is long AAPL through call spreads
Najarian is long ARMH through call spreads
Najarian is long IBM through call spreads
Najarian is long V through call spreads
Najarian is long LVS through call spreads
Najarian is long WYNN through call spreads
Najarian is long XOM through call spreads
Najarian is long CIGX outright

BRENT THILL
The U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in Oracle Corporation.

CARTER WORTH
**no disclosures

CNBC.com with wires