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'Fast Money' Recap: What's Next?

NEW YORK ( TheStreet) -- The broader markets continued lower on Thursday, down almost 1.5%, closing near session lows.

On CNBC's "Fast Money" TV show, Brian Kelly said Thursday's price action was discomforting and that he would now look to "sell the rips" because it's clear the market has not fully digested the idea of tapering.

Paul Hickey said names like Cisco Systems (CSCO) and Wal-Mart (WMT) make headlines, but are not the bull market leaders that they used to be.

Steve Grasso said it's not surprising for retail to be doing bad, when housing and autos have been so strong. He added that consumers who are afraid of rising interest rates are likely trying to get in ahead of the move.

Karen Finerman said she was more inclined to buy stocks here rather than sell them. She likes H&R Block (HRB).

Nick Colas, managing director and chief market strategist at ConvergEx Group, was a guest on the show and said he was still avoiding equities. He thinks that over the near term investors may continue to see more action similar to Thursday's. He added that active investors should consider moving to cash for now and that waiting for the 10-year treasury note to settle down would be best.

Hickey said he didn't agree with that argument and expects equities to be higher by the end of the year, although volatility will remain on both the upside and the downside, due to low market volume.

Grasso said that trimming positions wasn't a bad idea, but that the average investor shouldn't move to all cash if it's for a month or less.

Dell (DELL) beat on top- and bottom-line estimates and Brian Kelly said there's not really anything left here for traders with the pending takeover bid. He added that investors could learn a lesson from the company though: The PC is dying and it will probably hurt names like Microsoft (MSFT), and possibly help names like Apple (AAPL).

Nordstrom (JWN) missed on revenue and guided lower for next quarter and Finerman said this is disappointing to see. However, if it pushes Macy's (M) lower on Friday, she would rather buy Macy's, not Nordstrom.
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