Jeffrey Saut, managing director at Raymond James, said that if nothing happens over the weekend, the markets will likely rally next week. However, he said the markets are still in a correction and will bottom in mid-September, with the S&P 500 near 1,530 to 1,560.
Salesforce.com (CRM) was the first stock on the show's "Pops & Drops" segment after jumping 13% this week. Grasso said he does not like to chase names after moves like this. He added that traders should wait a couple of days before buying.
Groupon (GRPN) popped 3%. Adami said the stock is too volatile for him, but that it is still in a defined uptrend.
The Market Vectors Gold Miners ETF (GDX) slumped 7% and Kelly said that higher oil will increase the miners' input costs.Wells Fargo (WFC) dropped 4% this week and Gibbs said she remains long, but would not recommend this level for starting a new position. Adami said that if there is an attack on Syria over the weekend, crude oil prices will have a knee-jerk reaction higher, before selling off and going lower. Kelly said it seems like Fed tapering is already priced into the bond market, as seen by good economic numbers actually sending yields lower. He added that an attack on Syria doesn't necessarily alter the outcome of the tapering decision. For their final trades, Adami was buying Pacific Sunwear (PSUN) and Gibbs said to buy Safeway (SWY). Grasso was a buyer of the broader market via the SPDR S&P 500 Trust ETF (SPY) and Kelly was buying grains, via the iPath DJ-UBS Grains Total Return ETN (JJG). -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV