"For my part, I can tell you what I did today. I sold all my equity exposure today," he said, adding that he was in "100 percent cash."

(Read more: Brace for 'more choppiness' in stocks: Schwab strategist)

Kelly said that he wasn't necessarily seeing gloom ahead.

"I wouldn't go so far as to say putting the bear suit on," he said. "But I bought emerging markets. I bought U.S. stocks. I bought some European stocks. They've had a phenomenal run here, so why not take some off the table?"

Anthony Scaramucci of SkyBridge Capital said that accommodative monetary policy had fueled the bull market.

"I think the market is going a little faster than people expected because I don't think the Fed is going to taper as quickly as people suggest," he said. "A $10 billion taper is not really much of a taper. This is very lax monetary policy, and I think that that's what's affecting the markets right now. My biggest worry with these markets is that there's no top-line growth."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Sept. 10, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Steve Grasso is long EEM; Peter Misek is long AAPL ; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long C; Anthony Scaramucci is long GS; Anthony Scaramucci is long FB; Anthony Scaramucci is long EBAY; Anthony Scaramucci is long GOOG; Anthony Scaramucci is long HPQ.

