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'Fast Money' Recap: A Market in Rally Mode

NEW YORK ( TheStreet) -- Markets started off the week in rally mode as the U.S. appears to be backing down from action in Syrian and the economic news out of China was better than expected, Brian Kelly said on CNBC's "Fast Money" TV show.

He added that investors have likely priced in too much tapering at this point and the markets seem like a buy.

Jason Parets said he doesn't care for U.S. equities, preferring emerging markets to the U.S. and Europe.

Karen Finerman said she is getting a little apprehensive of stocks, but still likes Citigroup (C), Bank of America (BAC), and J.P. Morgan Chase (JPM). She added that she is still short Caterpillar (CAT).

Guy Adami said there was nothing wrong with taking profits in the SPDR Homebuilders ETF (XHB), which could breakout from its current down channel or reverse and continue lower.

Kelly said he likes Europe as an investment and the Euro Stoxx 50 index would be a good place to look. He added that if investors want to be conservative, they could short the S&P 500 against it.

Mike Khouw said he likes Europe over U.S. equities on a valuation basis, which also allows for investors to absorb less risk.

Looking domestically, investors are watching Apple (AAPL) for Tuesday's event. Peter Misek, managing director and senior tech analyst at Jefferies, called into the show and said he expects two new iPhones (the 5s and 5c), and a deal with China Mobile (CHL) and NTT DoCoMo (DCM).

He thinks this will be a "sell-the-news" type of event, and Apple will eventually fall to $450 if it does not take out its previous opening weekend sales number. Also, the iPad Mini refresh could be big, especially if Apple makes a non-retina display version, because of the lower pricing point.

Kelly said if the stock sold off, he would definitely be a buyer, with Parets adding that if investors do buy it, they should short the S&P 500 against it.

Five Below (FIVE) beat on top- and bottom-line estimates, but Adami said the valuation is ridiculous. But he added that the short interest is very high, too, and he would not chase near $44.

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