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TheStreet Open House

'Fast Money' Recap: Market Concerns

NEW YORK ( TheStreet) -- The broader markets closed higher as the threat of military action in Syria seemed to recede.

On CNBC's "Fast Money" TV show, Guy Adami expressed concern over the market rally, especially as it approaches its previous high. He added that President Obama could spook equity markets tonight when he speaks about the Syrian situation, and the markets could trade sideways or lower for the remainder of the week.

Anthony Scaramucci said he doesn't expect the Federal Reserve to taper its bond buying as much as everyone seems to think. He added that even a $10 billion taper would be quite small. He's concerned that many companies aren't growing revenues.

Steve Grasso pointed out the severe outperformance some of the high beta names and cited that fund managers are trying to boost their performance, since many are trailing the broader market.

Some of Tuesday's big news included the announcement of Visa (V), Goldman Sachs (GS) and Nike (NKE) being added to the Dow Jones Industrial Average, while Bank of America (BAC), Hewlett-Packard (HPQ) and Alcoa (AA) were removed.

Adami said that Alcoa looks interesting to him, as does Visa. He added that he also likes MasterCard (MA) and would be a seller of Hewlett-Packard.

Brian Kelly said nothing changed fundamentally for these companies. He said he would look to fade some of the moves, including Nike and Visa.

Netflix (NFLX) ripped through the $300 level on Tuesday, closing at $313 and Adami has been behind it for a long time. However, he said now is the time to take profits.

Peter Misek, managing director and senior tech analyst at Jefferies, was a guest on the show and said Apple's (AAPL) iPhone 5C will be priced too high for emerging markets, suggesting the typical Chinese consumer will not be able to afford it. China Mobile (CHL) could have some sort of subsidy plan, but it's still too expensive, he added.

Adami said the price action in Apple was disappointing following the event and the stock could trade down to $465.

Scaramucci said the trade-in program with Apple is a great idea because it will keep consumers in the ecosystem. The company will eventually have new products and the Chinese will buy more than people think, he added.

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