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TheStreet Open House

'Fast Money' Recap: How 'Smart Money' Sees Syria

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. (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.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.
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