NEW YORK (
TheStreet) -- The markets drifted Wednesday after a disappointing new home sales report.
Dow Jones Industrial Average gained 4.92, or 0.05%, to 10,298.44, while the
S&P 500 lost 3.27, or 0.30%, to 1,092.04. The
Nasdaq fell 7.57, or 0.33%, to 2,254.23.
Guy Adami said on
CNBC's "Fast Money" TV show said "people don't realize how close we are to breaking down technically."
Tim Seymour was a little more encouraged about the tape, saying the housing data wasn't all bad, noting that there was an improvement in the delinquency rate and a rise in April home prices.
Brian Kelly agreed with Adami, saying the 33% drop in new home sales is "historic." He said that is significant because housing represents 40% of GDP. "Frankly the market looks a little scary right now."
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Melissa Lee, the moderator of the show, wondered whether the housing industry might follow the path of the shares of companies in the auto industry, which bounced back after dropping, following the expiration of a buyer tax credit.
Karen Finerman noted that there's been a significant pullback in retail stocks, as evidence in the
, setting the stage for a lower bar before the start of the earnings season. She said the move against the retail stocks was overdone, citing today's drop below $36 in
Adami, though, warned that consumers may have fired their last bullet. But Finerman was not as pessimistic, saying retail stocks remain attractive at these levels, as credit quality and bank earnings improve.
Lee noted that consumer stocks such as
Bed, Bath and Beyond
were rolling over.
Gary Kaminsky said consumer-related stocks were negatively impacted by today's new home sales report. He expects these stocks to fall further.
But Finerman said it would be wrong to base a forecast just on what happened today. Seymour said consumer-related companies may find support in other parts of the globe where there is sales growth.