NEW YORK ( TheStreet) -- The broader market closed slightly lower after touching a new high earlier in the session.
On CNBC's "Fast Money" TV show, Steve Grasso said investors should wait a few days to see how the market reacts to the Federal Reserve's no-taper decision. He added that he's long gold miners, utilities and emerging markets.
Guy Adami said it's been a couple of big days for gold and investors can own it along with equities in the short term. However, he warned that the S&P 500 is getting a bit extended.
Tim Seymour is not a believer in gold, but is a seller of bonds and buying pullbacks in the emerging markets.Mike Khouw said equities seemed to be fully valued at 17 times earnings. Vornado Realty Trust (VNO), a large shareholder of J.C. Penney (JCP), announced it is selling its entire 13.4 million share stake. Finerman said she is not a buyer of the stock, although there are some big buyers in the name. Adami added J.C. Penney could easily bounce to $15.50 or so before possibly heading lower. Rebecca Patterson, CIO of Bessemer Trust, was a guest on the show and said the Fed blew a great opportunity to announce tapering, since the market was ready and braced for the move. She added the housing and auto data held up well, despite the higher interest rate environment. She thinks that, in general, equities will now go higher. AK Steel Holding Corp. (AKS) got hit in the after-hours for cutting its guidance. Adami said he prefers Nucor (NUE) and U.S. Steel Corp. (X), in that order. Rite Aid (RAD) was the first stock on the show's "Pops & Drops" segment. Finerman said if the company could turn it around, there's a lot more upside left. J.C. Penney fell 2% and Grasso said the stock could go higher on a technical basis, but he does not like the fundamentals. Lennar (LEN) fell 3%. Khouw said he would avoid the name, along with all homebuilders. ConAgra Foods (CAG) dropped 4% and Seymour said buyers should wait before stepping in on the long side.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV