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This Isn’t the Time to Add to Positions: Pros

On Wednesday investors were eager to hear from David Einhorn and other big investors at the Ira Sohn Conference.

The mere expectation that Einhorn and others would make important commentary moved stocks – well before anyone knew what they would actually say.

However, if you’re looking to establish a new position in the wake of their comments the Fast pros say there's a good chance, ‘you’ll be sorry.’

Trader Guy Adami says the technicals don’t look good. “1425 was the top in the S&P this year and it was also the high in May 2008. That could well be a double top,” he says, a bearish pattern.

“I can make a compelling argument that you shouldn’t be long stocks unless the S&P can close above 1375 – a pivot point.”

Trader Josh Brown agrees entirely. “This is not the time to jump in – I think we’re trapped in a downtrend and I don’t see a growth catalyst all summer.” He says if you must play the market, defensive names such as Pepsico should outperform this summer. "You can look at the Grandpa stocks," he says, "but that's it."

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Posted by CNBC's Lee Brodie

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Trader disclosure: On May 16, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Stephen Weiss is long JPM; Stephen Weiss is long CSC; Stephen Weiss is long UUP; Stephen Weiss is short JCP; Stephen Weiss is short CMI; Stephen Weiss is short MT; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Josh Brown is long JPM; Josh Brown is long HD’ Josh Brown is long XBI

For Whitney Tilson
Whitney Tilson is long JCP



CNBC.com with wires.