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TheStreet Open House

'Fast Money' Recap: Cashing In

NEW YORK ( TheStreet) -- The broader markets were able to end the week on a positive note.

On CNBC's "Fast Money" TV show, Pete Najarian said he's raising cash and feels the market's move higher is only short-term. He also stressed that he's not bearish but he wants to lighten up his equity exposure.

Tim Seymour said despite the historical weakness for equities in September, the month has been pretty good the past couple of years. He added that he would take some gains.

Guy Adami said the recent strength in stocks is something to sell into. He added that he likes ConocoPhillips (COP) near $66 and Exxon Mobil (XOM) near $85.

Steve Grasso said he sold his position in Tesla Motors (TSLA) and will look to buy on a pullback, and is still long the iShares MSCI Emerging Markets ETF (EEM). He added that the market seems to have baked in about $15 billion per month in tapering from the Federal Reserve.

Gold had its worst week since June, but spiked near the end of the day on concerns over Syria. Grasso said that while the Fed does matter for gold, all the focus is on Syria right now.

In other commodities, Adami said steel looks to have turned the corner, despite having a bad day on Friday. He added that U.S. Steel Corp. (X) has formed a solid base.

Seymour said the industrial side of the world is starting to accelerate and wants to be in three main industries: cyclical industrials, bulks and industrial metals. He added he expects four to six weeks of weakness, but thinks the fourth quarter will be strong.

Mary Ann Bartels, CIO of portfolio strategies at Merrill Lynch, was a guest on the show and said she remains very bullish on equities, with a 1,750 year-end target for the S&P 500. She added that stocks have been impressively strong in the face of potential tapering and rising rates. Bartels likes the energy, technology and industrial sectors.

Disney (DIS) was the first stock on the show's "Pops & Drops" segment and Grasso said he would buy any weakness in the name.

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