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'Fast Money' Recap: Waiting for the FOMC

NEW YORK ( TheStreet) -- The broader market finished flat and the Nasdaq moved slightly higher ahead of the Federal Open Market Committee announcement on Wednesday.

Traders were trying to position themselves ahead of the slew of economic data to be released throughout the rest of the week. Most notably, on Wednesday the ADP jobs report and second-quarter GDP estimates will be released at 8:30 a.m. EDT, followed by the FOMC announcement at 2:00 p.m. EDT.

Guy Adami said on CNBC's "Fast Money" TV show that the market wants to go higher based on its refusal to go down. Although the S&P 500 ended flat Tuesday, it had a big day in terms of holding support at 1,681.

Tim Seymour expects the market to go higher but doesn't believe that tapering of the Federal Reserve bond buying has been baked into the markets. He added that the Fed did a poor job communicating with the market the last several times it released statements and will probably try to look as dovish as possible on Wednesday. He is a buyer of the U.S. dollar.

Brian Kelly said he is long the dollar via a short position in silver. He added that if the Fed plans to taper in the fall and end quantitative easing by mid-2014, then the market could be in for a shock.

Karen Finerman said the market is now higher than it was when the Fed began talking about tapering, making her confused on whether it will be received as a good thing or a bad thing.

Guest Jon Hilsenrath of The Wall Street Journal said that while the Fed is widely expected to begin tapering in the fall, he wouldn't be so quick to say the same. Fed Chairman Ben Bernanke will need to see a strong economy before tapering can be considered as an option and, as Hilsenrath pointed out, the economy grew sluggishly through the first six months of the year. He expects no tapering announcement later Wednesday.

Fertilizer stocks were discussed first during the "Top Trades" segment. Potash (POT) and Mosaic (MOS) fell as much as 25% on Tuesday from news that one of the world's largest potash partnerships would be breaking up.

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