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TheStreet Open House

'Fast Money' Recap: Market Concerns

Kelly said investors shouldn't get too bearish on Apple and that the company likely knows where it can price its own products. He added that he would be a buyer near $450 or $460 and the company might have more to unveil on Wednesday.

Potash (POT) was the first stock on the show's "Pops & Drops" segment. Kelly said traders should take profits if they've been in the name.

Urban Outfitters (URBN) fell 10% on Tuesday and Grasso said the $36 level would be a good entry.

Morgan Stanley (MS) jumped 2%. Scaramucci said it's an excellent company to own.

Green Mountain Coffee Roasters (GMCR) dropped 3%. Adami said the stock could trade down to $81.50, where traders could look to get long again.

Lululemon Athletica (LULU) was the featured stock on the show's "Street Fight" segment. Adami said the company has resolved the see-through pants issue and the uncertainty regarding the resignation of CEO Christine Day. He added that the big short interest coupled with low expectations could propel the stock higher.

Kelly disagreed, citing leadership issues with Day stepping down. He added that the company is finally starting to see some competition, mainly from Nike.

Grasso said the stock could go both ways, based on the technicals. However, he added he would rather be a buyer of Nike.

Chief Emerging Market and Asian Equity Strategist Adrian Mowat at J.P. Morgan said buyers could look to get into emerging markets if they're nimble, because he thinks the Chinese economic data will only be strong until November. He added that investors should not short India, and the banks, materials and energy stocks in the region are a strong buy.

Irwin Simon, founder and CEO of Hain Celestial Group (HAIN), said it made sense that hedge fund manager Carl Icahn wanted to take profits by selling half of his holdings in the company. He added that healthy lifestyles and diets are not a fad, but a very real shift in the way consumers think.

For their final trades, Grasso said to buy Cree (CREE) and Adami was a buyer of Nucor (NUE). Kelly said to buy portfolio protection in the form of SPDR S&P 500 Trust ETF (SPY) puts and Scaramucci was a buyer of SanDisk (SNDK).

-- 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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