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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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KMP $102.03 1.98%
AKS $4.68 0.00%
BCS $10.05 0.00%
GLD $123.65 0.00%
JPM $63.20 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%

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