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TheStreet Open House

'Fast Money' Recap: What's Next for the Market?

BlackBerry (BBRY) popped 7%. Kelly said that traders should use the pop to get out of their long position.

Newmont Mining (NEM) fell 4%, but Grasso said the gold miners should hold up fine because the Fed's taper -- if it happens -- will not likely be strong enough to slow down gold's momentum.

Rumors surfaced late on Friday afternoon that Apple (AAPL) would be shipping iPhones over to China ahead of a yet-to-announced deal with China Mobile Limited (CHL).

Kelly said this is old news and the market has already begun to price in a deal between the two. He added the stock is vulnerable down to $440, but he would be a buyer on the dip.

Adami said that $465 is his downside target if the stock begins to breakdown, but added that it could run to $515 or $520 as well.

Lebenthal said he is a huge fan of the stock, because of the strong balance sheet and low valuation.

Delta Air Lines (DAL) jumped 5% after Friday's close, on the news that it will replace BMC Software (BMC) in the S&P 500. Lebenthal said he continues to like the airlines, due to their profitability and strong management.

Adami said the pullback in Church & Dwight (CHD) looks interesting after finding resistance near a double-top in the charts. He added that he would be a buyer after it pulls back slightly from this level.

For their final trades, Kelly was taking profits in Apache (APA) and Grasso said to buy Google (GOOG). Lebenthal was a buyer of United Continental (UAL) and Adami was buying ConocoPhillips (COP).

-- Written by Bret Kenwell in Petoskey, Mich.

Follow TheStreet.com on Twitter and become a fan on Facebook.

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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