Fast Money Protection Plays From August 1

Tim Seymour suggested that investors should buy Citigroup C because it is a great defensive stock.

Speaking on CNBC's Fast Money, Seymour said higher interest rates are not so bad for Citi, and when it comes to valuation it's by far the cheapest stock on price to tangible book ratio. He thinks that investors should stick with this name because it has a lot of growth potential.

Brian Kelly believes that traders can find shelter in iShares MSCI Brazil Index ETF EWZ. He explained that the Brazilian economy has already had a bad time and that it's possible a regime change is coming with the upcoming elections.

Steve Grasso is a buyer of Apple AAPL. He thinks that in the raising rates environment you should be in the tech stocks. The stock traded in green Friday when the majority of stocks struggled.

Dan Nathan said that he doesn't think the tech space is a good choice. He would sell short PowerShares QQQ Trust, Series 1 ETF QQQ and buy its puts. He doesn't see Apple as a protective trade because it's a crowded trade.