Adami said the downward trend was still very much intact, meaning there was “no compelling reason” to own banks as an investment.
“I think the trade already happened in the last few days,” he said.
Zach Karabell of River Twice Research reiterated his recommendation to be short or out of investment banks.
“We’re in a multiyear compression of profitability and market cap and size of S&P profits on financials,” he said. “In a lot of ways, investing in financials today is still like investing in technology companies circa late 2001 and into 2002 and 2003. It took a long time before the dust settled from a real bubble period until investors and companies figured out what intrinsic value is.”
Of course, he added, financial stocks could see a pop after the weekend.
“Other than that, I don’t see a long-term reason to be in these names,” he said.
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Trader disclosure: On Dec. 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Adami owns C; Adami owns GS; Adami owns MSFT; Adami owns INTC; Adami owns AGU; Adami owns NUC; Adami owns BTU; Najarian has long call spreads AAPL; Najarian has long call spreads MSFT; Najarian has long call spreads IBM; Najarian has long call spreads MCD; Najarian has long call spreads HAL; Najarian has long call spreads RIG; Najarian has long call spreads CAT; Najarian is long CIGX; Najarian is long CME; Najarian is long CBOE; Kelly is long Euro; Kelly is long Italian bonds; Kelly is long IWM
For Patty Edwards
Trutina Financial is long GLD
Trutina Financial is long MCD
Trutina Financial is long COST
Trutina Financial is long CME
Trutina Financial is long INTC
Trutina Financial is long AMZN
Trutina Financial is long AAPL
Trutina Financial is long HAL
For Tom Ajamie
For Tim Butler