This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: Stay Put

NEW YORK ( TheStreet) -- The markets fell again Wednesday on continuing worries over the economy.

The Dow Jones Industrial Average dropped 21.78, or 0.18%, to 12,048.94. The S&P 500 fell 5.38, or 0.42%, to 1279.56. The Nasdaq lost 26.18, or 0.97%, to 2675.38.

Joe Terranova said on CNBC's "Fast Money" TV show there was not much going on in the markets today. He said the small-caps led the markets lower and tech was "very weak." He said money was gravitating to the big balanced- sheet tech players like Apple (AAPL) and Google (GOOG). He said the best play might be inaction.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Stephen Weiss was disappointed in today's market action after thinking there might be a semblance of a rally.

Karen Finerman noted that the VIX started to pick up at the end of the day. She said the "puke-out day" might be coming.

Steve Grasso advised individual investors who were long, to stay long, and average down as the market declines. He said it's difficult at this point to pick up a bottom.

Terranova said the defensive plays continue to be health care, consumer staples and energy. He said investors will feel the bottom when stocks like McDonald's (MCD) and Pepsico (PEP) decline.

Terranova said the catalysts for the market might be economic growth and resilient earnings in July. Brian Kelly said the economy can get moving again if the Fed releases $1.5 trillion in excess reserves into the economy.

Others on the panel questioned whether the economy needs more liquidity after two rounds of quantitative easing.

Melissa Lee, the moderator of the show, said Texas Instruments (TI - Get Report) was off 5%. CNBC reporter Jon Fortt attributed the slide to one factor: Nokia's (NOK - Get Report) warning last week. "It's having a huge impact on TI."

Terranova said TI is trying to navigate away from the handset portion of its business. Brian Stutland said the stock might turn around at $5 to $6. Weiss said Nokia's woes brings into question Microsoft's (MSFT) decision to partner with Nokia.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DBA $21.08 0.00%
HOS $11.74 0.00%
INTC $30.28 0.00%
NOK $5.87 0.00%
OXY $76.65 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs