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Trades to make as the Dow continues 8-day slide

Luqman Adeniyi
Updated
Trades to make as the Dow continues 8-day slide

As the stock market closed mostly lower on Monday, the "Fast Money" traders discuss where they are finding opportunity in the stock market.

Trader Steve Grasso said he is a "net seller of stocks at this level." He said he has sold positions in Snap (NYSE: SNAP) and Qualcomm (NASDAQ: QCOM) and his last buy was Valeant Pharmaceuticals International (Toronto Stock Exchange: VRX-CA). He said the stock market's performance "doesn't give me the conviction to go out there and start buying a whole new leg of stocks sectors and names."

Trader Guy Adami said he likes the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) after the exchange-traded fund moved more than 1 percent higher on Monday. Adami also said he likes Tesla (NASDAQ: TSLA), because the stock closed more than 2 percent higher with shares at $270.22. He said Tesla stock is on its way to breaking its all-time high. The technology stock is up 26 percent year-to-date.

Trader Tim Seymour said he likes European banks because European stock markets are 20 percent cheaper than the United States' market.

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Disclosures:

Tim Seymour is long ABX, AAPL, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM.

Steven Grasso's firm is long AON, BX, CUBA, DIA, EXAR, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, PYPL, RIG, SNAP, SPY, SQBG, TITXF, WDR, WPX, ZNGA. Steven Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, VRX. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. NO SHORTS.

Dan Nathan is long SPY May put spread, XLV long APR-June put spread, XLI long June put spread.

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.



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