By Stockpickr Staff
Updated at 4:36 p.m. on April 30, 2009

The traders of CNBC’s “Fast Money” cautioned viewers on Wednesday that buying stocks at current levels might not be the best idea. Guy Adami recommended taking profits with the S&P 500 at 870. Jeff Macke pointed out that the S&P 500 didn’t really breakout. He also told viewers to lock in profits. Pete Najarian warned investors that the people buying stocks right now might be just marking up their books for the end of the month window dressing.

The stock market has had a gigantic run since the Dow hit a bottom at 6500. While the panel of experts stopped short of saying the market was set to fall, the consensus seems to be that buying at these levels is risky. Despite the risk in the overall market, the traders are still finding plenty of hot moving sectors and stocks that warrant your attention.

The panel recently highlighted trading ideas that play off the swine flu crisis, stocks that are breaking out and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.

Fast Money’s Options Activity: The traders have spotted some unusual options activity in a number of stocks. On Tuesday’s “Fast Money” show, Pete Najarian told viewers: “The call buying in Vertex Pharmaceuticals (VRTX) could mean it’s a takeover target.” Fast Money’s Options Activity includes Ciena (CIEN) and Hess Corp. (HES).

Fast Money’s Swine Flu Stock Plays: The traders see opportunity in playing the swine flu crisis. On Tuesday’s “Fast Money” show, Guy Adami told viewers: “If you’re looking for swine flu plays, I think Smithfield (SFD) still has upside but Marriott (MAR) is a sell.” Fast Money’s Swine Flu Stock Plays include MasterCard (MA) and Gilead Sciences (GILD).

Fast Money’s Breakout Plays: Which stocks are set to breakout? The traders have some ideas. On Wednesday’s “Fast Money” show, Guy Adami told viewers: “IBM (IBM) is on fire and I think it stays on fire.” Fast Money’s Breakout Plays include Goldman Sachs Group (GS) and Oil Services HOLDRS (OIH).

Fast Money’s First 100 Days Trades: As Barack Obama marks 100 days in office, the crew highlighted investment idea that play off the tidal wave of change coming for the financial, energy and health care sectors. On Monday’s “Fast Money” show, Karen Finerman told viewers: “I don’t think alternative energy gains traction until oil gets very expensive again. If you’re bullish on alternative energy then my play is long oil.” Fast Money’s First 100 Days Trades include Fluor (FLR) and Allscripts-Misys Healthcare Solutions (MDRX).

Fast Money’s Rising Stock Stars: In a segment called “Rising Stock Star” the traders reveal their favorite rising stock. On Monday’s “Fast Money” show, Karen Finerman told viewers: “Emmulex (ELX) looks like a takeover target. Earlier this month Broadcom (BRCM) made a hostile move to acquire the company at $9.25 a share buy they were not successful. I expect they will try again.” Fast Money’s Rising Stock Stars include MercadoLibre (MELI) and Immucor (BLUD).

Fast Money’s Trader Radar: In a segment called “Trader Radar,” the crew highlights stocks with unusual volume. On Tuesday’s “Fast Money” show Melissa Lee told viewers: “On the trader radar tonight we’re watching Fortune Brands (FO). The maker of Jim Beam and Titleist golf balls was among the most active names on the NYSE today.” Check out Fast Money’s Trader Radar