This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

'Fast Money' Recap: Watching the Markets

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs