'Fast Money' Recap: Should You Stay Long Stocks or Sell Now?

NEW YORK (TheStreet) -- After a week full of Federal Reserve statements and Greek drama, stocks still eked out a gain. The S&P 500 closed up 0.7% on the week despite falling on Friday. 

Investors who want to stay long stocks but are worried about a pullback should consider buying put options on the SPDR S&P 500 ETF (SPY). On CNBC's "Fast Money" TV show, Dan Nathan, co-founder and editor of riskreversal.com, explained these options are cheaply priced right now due to the low volatility in U.S. stocks, but will protect an investor's portfolio in the event of a pullback. 

Tim Seymour, managing partner of Triogem Asset Management, agreed that volatility in U.S. stocks is low, but made the point that volatility in Europe remains relatively high. Despite this, he is a buyer of the SDPR Euro Stoxx 50 ETF (FEZ). 

Guy Adami, managing director of stockmonster.com, also finds European stocks attractive. Specifically, he likes German equities and Deutsche Bank (BK), which has support near $28. 

With the euro approaching resistance, investors should consider selling the currency, Seymour added. He's a buyer of the ProShares UltraShort Euro ETF (EUO) and is also a buyer of the dollar via the PowerShares DB USD Bull ETF (UUP). 

After the Fed's latest statement, Steve Grasso, director of institutional sales at Stuart Frankel, believes it will try to keep downward pressure on the dollar as well as push bond yields lower too. This bodes well for utility stocks, he said. 

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