Terranova pointed to other strong performers such as IBM, Pfizer and Exxon.
“Markets aren’t trading on fundamentals,” trader Tim Seymour said.
“Dis-inflation” was a big concern, he added. “I don’t know if it’s deflation, but that’s the big concern here and maybe that’s what has people worried.”
Trader Guy Adami said he was more inclined to buy than to sell.
“Although I am in the bear camp and have been for a while, you have to allow the trading action to dictate what you do and we’re right here at levels where I believe you can still trade against,” he said.
Good news out of Europe could “easily” push the S&P 500 to 1,250, Adami said.
Even as the VIX was down 9 percent, trader Karen Finerman said it was a good idea to buy some protection.
“I don’t know that you can be all in or all out,” she said.
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Trader disclosure: On Dec. 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Karen is long PLCM; Karen is long GOOG; Karen is short SPY; Tim Seymourhas positions in AAPL, BAC, INTC; Joe Terranova is Long VRTS; Long LQD; Long MUB; Long IBM; Long EMC; Long SBUX; Long SU; Long CAT; Long SWN; Long TRLG; Guy Adami is Long C; Long GS; Long INTC; Long MSFT; Long AGU; Long BTU; Long NUE; Jon Najarian is Long CBOE; Long CME; Long GIGX; Long AAPL call spreads; Long CSCO call spreads; Long TRGT call spreads; Long PAAS call spreads; Long MBIA call spreads; Long NTRI call spreads;
Fund is long AAPL
Fund is long JPM
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Fund is long MSFT
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Fund is short AAPL calls
Fund is short MSFT calls
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