NEW YORK ( TheStreet) -- The broader markets closed lower once again as traders attempted to position themselves for the fourth quarter and ahead of the drama out of Washington.
On CNBC's "Fast Money" TV show, the traders were taking a look at their fourth-quarter game plans. Guy Adami said the S&P 500 still seems like it will trade down to 1,670, which will be an important level to hold.
Brian Kelly said when the market is at nearly 1,670, traders should start buying equities. He added that gold should do very well in the fourth quarter.
Tim Seymour said the economic data seem pretty good and investors should stick with stocks that will benefit from a recovering global economy and also invest in commodities.Steve Grasso said that momentum names, including Tesla Motors (TSLA), LinkedIn (LNKD) and Amazon (AMZN), might feel extended, but every sale has been a bad one. He says investors should stay long the market. Seymour doesn't think there will be a 5% correction in the broader markets for the rest of 2013. Adami said gold should move higher because of the continued easing from central banks. Kelly likes United States Natural Gas ETF (UNG) and said investors in natural gas appear to be shrugging off a lot of bad news, which is a bullish sign. Investors can play using Golar LNG Limited (GLNG) and Cheniere Energy (LNG). Pandora (P) was the first stock on the show's "Pops & Drops" segment. Seymour said traders should be long the stock but wait for a pullback first. J.C. Penney (JCP) plunged 30%. Kelly said to absolutely avoid the stock. Tesla Motors jumped 4% this week. Grasso said traders should continue to stay long. BlackBerry (BBRY) fell 8%. Adami said the company's potential takeover story is not good and traders should avoid the name. Seymour said investors should be cautious regarding the "halo effect" around the Chinese Internet. Specifically, he mentioned Yahoo! (YHOO) for its stake in Alibaba, and Baidu (BIDU). He added that he is taking profits. Adami said he is not expecting anything good from International Business Machine (IBM) when it reports earnings, and thinks it could drift down to the $170s.
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