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"It’s not going to come down to growth" in China, "it’s going to come down to whether China will build inventories," Armstrong said. "We do think China will come in and build positions in all the industrial metals should you see further price deterioration here."
He sees value in trading currencies, particularly those of China, Singapore, and Mexico.
Finally, Armstrong likes large-cap stocks over smaller companies. The larger companies, such as Coca-Cola and Tiffany , have exposure to emerging markets, revenue growth and the ability to pass along higher prices to customers.
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Trader disclosure: On Mar 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Brian Kelly is long XLF; Brian Kelly is long SPY; Brian Kelly is short YEN; Brian Kelly is short EUROSTOXX; Steve Cortes is long GOOG; Steve Cortes is short CAT; Steve Cortes is short LVS; Steve Cortes is short AAPL; Steve Cortes is short XLI; Steve Cortes is short EUR VS. JPY; Steve Cortes is short DIS
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