'Fast Money' Recap: Potential Market Movers
NEW YORK (TheStreet) -- The markets bounced back to post gains on Wednesday, although selling pressure was strong in the final 30 minutes, with investors still on edge over Syria.
On CNBC's "Fast Money" TV show, Guy Adami said he was looking for support at 1,626 on the S&P 500, which held. He added that he expects it to go another 20 points higher.
Dan Nathan looked at the CBOE Volatility Index (VIX) and said it didn't fall very much on Wednesday considering the market rally.
He added that investors have a lot of potential market movers coming up with the nonfarm payrolls report next week, upcoming manufacturing data and the Federal Reserve meeting in September.Mike Khouw said the VIX was a little lower because of Labor Day on Monday, meaning the markets are closed. He added that this compresses the options premium and makes the VIX appear a little lower than it usually would. Michael Wittner of Societe Generale, was a guest on the show and said brent crude oil could go to $125 per barrel and possibly to $150 per barrel, depending on what happens in the Middle East. He added that although Syria is not a big player in the oil market, the supply of oil could be disrupted if the region gets out of control and chaotic. Tim Seymour said to buy the airline stocks and transport stocks because he believes the spike in energy prices is temporary and these pullbacks are buying opportunities. Adami said that chemical names have been hit hard lately and Eastman Chemical (EMN) looks interesting on the long side at $75. Guess? (GES) reported earnings and was flying high in after-hours trading. Dominic Chu said this could potentially be a sign of good things to come for high-end retailers. Moving across the pond, Seymour said German stocks are very interesting. The country is a big exporter and this is one of the places where you want to be in if Europe rebounds. Nathan agreed, adding that he would avoid the European financials.
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