By Roberto Pedone
WINDERMERE, Fla. (
) -- The traders of
"Fast Money" think a bear market could be creeping into the picture after the
hit an eight-month low. The crew is also concerned about a close on the S&P below the key technical level of 1040. On Wednesday's "Halftime Report" segment, Steve Grasso said traders on the floor are still extremely negative. He mentioned that Tuesday was the first time this year that the market closed below 1050, which is bearish action. Grasso advised viewers to sell into any strength.
Joe Terranova told viewers that he's watching the 1025 level on the S&P. He thinks a drop below that critical level means the chart looks broken. Terranova said it will be very difficult for the market to establish any trend for the next quarter.
Brian Kelly said he's bearish on the market and he'd use any rally as an opportunity to take profits. Patty Edwards said she doesn't like the market either. However, she said, despite her negative outlook, you can still find opportunities if you pick and choose.
The "Fast Money" crew has recently highlighted trading ideas that play off oversold tech stocks, personal health trend stocks and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.
: Despite the negative market action, the traders are finding opportunities in sectors such as
and gold. On Tuesday's "Halftime Report" segment, Cater Worth told viewers: "What's working are the Gold miners. The
Market Vectors Gold Miners ETF
is toying with well-defined tops, and the presumption is that it exceeds those tops and breaks out." The
: The traders see opportunity in tech stocks such as
after the sector shed 4% in just one day. On Tuesday's "Fast Money" show, Piper Jaffary analyst Gene Munster told viewers: "I'd also look at
despite the high valuation. China is one of the fastest-growing advertising markets in the world, and Baidu has a very strong big brother in Beijing." The
Research In Motion
: The crew has identified some personal health trend stocks such as
that are at the cutting edge of medicine and more. On last Wednesday's "Fast Money" show, Guy Adami told viewers: "The trade is long
, they're the maker of the state-of-the-art DaVinci System -- the most widely used robotic surgical device. This may not be the best time to establish a long position in ISRG; however, it's definitely a name for the radar." The
: The traders highlighted some options trades and unusual options activity in stocks like
P.F. Chang's China Bistro
. On Tuesday's "Fast Money" show, Pete Najarian told viewers: "
is another name to put on the radar. As far as I can tell from the options activity, investors are looking for upside." The
iShares Lehman 20 Year Treasury Bond ETF
SPDR S&P 500 ETF
: After being hit by massive selling pressure over the last three months, traders bid up a number of the ag stocks recently following a bullish Department of Agriculture report for corn and soybeans. How should you play the space? On Wednesday's "Halftime Report" segment, Joe Terranova told viewers: "
are underperforming. If you're going to play the space be extremely selective." The
-- Written by Roberto Pedone in Winderemere, Fla.
Follow Stockpickr on
and become a fan on
Stockpickr is a wholly owned subsidiary of TheStreet.com.