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TheStreet Open House

'Fast Money' Recap: On a Losing Streak

NEW YORK ( TheStreet) -- The broader market remained mixed on Friday, closing down for the week after another day in the red.

After stocks suffered their worst three-day losing streak since July 2012, Dan Nathan said on CNBC's "Fast Money" TV show that it only feels like we're in a correction, down 3% off the highs.

He likes defensive stocks with solid yields and is a buyer AT&T (T) call options.

Brian Kelly said the bond market has been wild, but if it gets too out of control it will likely hurt the equity markets. He said he's worried about the speed in which rates are climbing.

Josh Brown said that based on seasonality, this price action is totally normal and he welcomes a healthy pullback. He added that the Federal Reserve has put in too much time and money to simply cut off the stimulus completely.

Steve Grasso added that housing numbers still look good, despite housing stocks performing poorly. He thinks investors could stay long the stocks they believe in.

Guest Marc Faber, publisher of the Doom, Gloom & Boom Report, said he continues to like gold. He pointed to the recent poor performance from the interior of the market -- such as housing, retail and airlines -- yet the S&P 500 is only down a couple of percent from the highs.

He added that he sees value in the miners and recently bought Barrick Gold (ABX), Freeport-McMoRan (FCX) and Newmont Mining (NEM).

TripAdvisor (TRIP) was the first stock on the show's "Pops & Drops" segment; the stock dropped 13% on the week. Nathan said the stock is lower due to pessimistic comments from the CEO regarding traveling.

Apple (AAPL) popped 11% this week. Brown said the stock was going up regardless but it didn't hurt that hedge fund manager Carl Icahn gave it the push it needed. Brown added the stock should have solid support near $500.

PulteGroup (PHM) made some ugly lows on Thursday, but bounced back strong, up 4% for the week. Grasso said traders could take a small position in homebuilders going forward.

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