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'Fast Money' Recap: Post-FOMC Trades

NEW YORK ( TheStreet) -- The markets fell Wednesday after the Fed left rates unchanged.

The Dow Jones Industrial Average fell 80.34, or 0.66%, to 12,109.67. The S&P 500 dropped 8.38, or 0.65%, to 1287.14. The Nasdaq lost 18.07, or 0.67%, to 2669.19.

Guy Adami said on CNBC's "Fast Money" TV show that Fed Chairman Ben Bernanke said all he could say in his comments today, when he indicated growth will be slower than expected and inflation will pick up slightly. He noted a selling opportunity in the market and said the next two days will be critical and set the tone for the markets for the next few months.

Adami said the market can either head down after the S&P hits 1270 or move higher if it hits 1300.

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

Tim Seymour said the market will probably head downward. He said the market reacted to Bernanke's comments about a weaker-than-expected economy, the removal of QE3 from consideration and low rates for an extended period.

On the other hand, FedEx (FDX - Get Report) provided a strong global outlook, he said.

Karen Finerman said Greece and corporate profits will dictate where the market is headed. She said she is long in the stocks she wants to be in and is buying protection while it's cheap.

Brian Kelly said an argument could be made that the second half will be better based on the rise in Brent crude and base metals. He said there will be demand for commodities in the emerging markets, especially China. He also said stocks will benefit from extended low rates.

Gary Schilling, president of Shilling & Co., said he is worried about deflation in the latter part of the year. He predicted further market weakness and a considerable selloff due in some part to a hard landing in China. Terranova, though, said the evidence is not there to suggest a hard landing in China.

Melissa Lee, the moderator of the show, said the dollar gained momentum and moved above its 50-day moving average. Seymour said that although the Fed sees a choppy labor market and continued problems in the housing market, the industrial side in the U.S. and overseas looks good.
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