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'Fast Money' Recap: A Buying Opportunity

NEW YORK (TheStreet) -- The broader markets closed moderately lower on worries over a potential government shutdown.

On CNBC's "Fast Money" TV show, Steve Grasso said while stocks could go lower because of the looming shutdown that could create a buying opportunity. He likes casino stocks and is staying long his favorites including: Bank of America (BAC), Google (GOOG) and Tesla Motors (TSLA).

Pete Najarian said that while volatility is still a little low, the CBOE Volatility Index (VIX) did spike over the 200-day moving average, which could potentially pave the way towards levels last seen in June. He added the Financial Select Sector SPDR ETF (XLF) had been leading the recent rally, but has been underperforming lately.

Karen Finerman said she would love to see a selloff in the financials to buy Citigroup (C). She added that investors should continue with what's working because the government is just "crying wolf."

Tim Seymour said the market weakness should be bought, along with commodities. He added that rates will likely go higher as well.

If the government does shut down, Najarian said he would be taking profits in Chinese Internet stocks such as Sohu.com (SOHU) and Baidu (BIDU) and adding to or buying names in the energy sector.

Finerman said she was surprised that gold was down on Monday because if the government does shut down, tapering becomes less likely, which is typically seen as a positive catalyst for the precious metal.

John Stoltzfus, chief market strategist and managing director at Oppenheimer & Company, was a guest on the show and pointed out that the markets actually performed pretty well during the government shutdowns in 1995 and 1996, before rallying substantially higher following a resolution. Even if there is a shutdown, it will likely be very short. He added that it will only become a true market risk if it is an extended shutdown.

Grasso said the charts for General Dynamics (GD), Northrop Grumman (NOC) and Lockheed Martin (LMT) all look great, but the latter is his favorite.

Najarian said that Boeing (BA) looks the best, because of its exposure to airlines.

On Microsoft (MSFT), Najarian likes the stock but it isn't a buy until CEO Steve Ballmer is out. He's not so convinced Ford's (F) CEO Alan Mulally is the next in line.

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