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TheStreet Open House

'Fast Money' Recap: A Stock-Specific Market

NEW YORK ( TheStreet) -- The broader markets faded into the close after rallying from morning losses.

Equities have given up all of their gains following the Federal Reserve's decision not to cut back on bond purchases. On CNBC's "Fast Money" TV show, Steve Grasso said we've seen a lot of trimming and he expects selling to continue. He added that investors should stay long technology and financials and he trimmed his position in the iShares MSCI Emerging Markets ETF (EEM).

Brian Kelly said he would continue to stay long Treasury futures. If the S&P 500 breaks Tuesday's low of 1,695, then it'll likely head lower.

Guy Adami said the rally doesn't seem over, but the S&P 500 is likely on its way to 1,670. He added 10-year Treasury yields should continue lower towards 2.25%.

Pete Najarian said it's been a very stock-specific market and many investors are only focusing on the short term. He trimmed his positions in energy and added to United Continental Holdings (UAL) and JetBlue Airways (JBLU).

David Gerstenhaber, president at Argonaut Capital Management, was a guest on the show and said the current environment is favorable for picking individual stocks. He likes Google (GOOG) and Netflix (NFLX).

He added that in the short term, we have the debate on raising the debt ceiling coming up in Congress. There could also be a selling of stocks and buying of bonds as portfolios readjust for the fourth quarter. He concluded that a taper is not likely in October, but perhaps December.

Adami said he would be a seller of Intuit (INTU) and added that it could trade down to $62 or possibly lower.

Najarian said options buyers of Las Vegas Sands (LVS) were rolling out of the November $65 calls and into the November $67.50 calls, suggesting more upside is ahead.

Facebook (FB) was the featured stock on the show's "Street Fight" segment after making a new 52-week high. Najarian defended the stock, saying the company is doing a great job monetizing mobile, while mobile app downloads continue to grow. He added that ad growth should continue, especially with different types of advertising coming out shortly.

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