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'Fast Money' Recap: Market Overreacts

Looking ahead to Thursday's jobless claims report, Grasso said the number will be in the vicinityof 400,000, which he said is a huge mental hurdle for the markets.

In an economic showing signs of stagflation, consumers will be looking for stores that offer the best prices. In a survey of more than 100 products at Wal-Mart (WMT) and Dollar General (DG) stores, Mark Montagna, a retail analyst with Avondale Partners, said Dollar General was able to maintain price parity with Wal-Mart.

He said he has a market outperform rating on Dollar General, which he is forecasting EPS growth of 14% to 20% over the next three years. He said Dollar General has soundly beaten Wal-Mart in comparable store sales.

In the final trades, Kelly said he was picking up some more SPDR Gold Trust (GLD). Seymour liked Tata Motors (TTM). Adami liked NetApp (NTAP - Get Report). Finerman liked Kinder Morgan Energy Partners (KMP). And Grasso advised scaling back on AK Steel (AKS - Get Report).

--Written by David Tong in San Francisco.

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SYM TRADE IT LAST %CHG
KMP $102.03 1.98%
AKS $5.42 0.00%
BCS $15.31 0.00%
GLD $114.42 0.00%
JPM $64.40 0.00%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

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