'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). Finerman liked Kinder Morgan Energy Partners (KMP). And Grasso advised scaling back on AK Steel (AKS).
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