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'Fast Money' Recap: No 'All Clear' for the Markets Yet

NEW YORK ( TheStreet) -- Despite many investors' expectation that equities would sell off from the U.S. government shutdown, the broader market rallied on Tuesday.

On CNBC's "Fast Money" TV show, Brian Kelly was surprised by gold's move lower and said market participants are now expecting a further delay to tapering due to the government's action.

Jim Lebenthal said he doesn't believe GDP will suffer as a result to the shutdown. He added that it should only last a few days and that the pullback is a buying opportunity.

Guy Adami said the S&P 500 will probably trade up to roughly 1,710, which will be an important level for determining where it goes next. Ultimately, he thinks the index will break below 1,670 after going higher.

Dan Nathan said the markets do not have the "all clear" sign quite yet, but a resolution in Washington should push the S&P 500 above 1,700. He added that the upcoming debt ceiling debate could pressure it back down to 1,650.

Mike Khouw doesn't like the valuation of the market and believes that it will likely trade lower. He added that traders could stick with names like (PCLN) because of its strong and consistent growth.

Regarding Apple (AAPL), Lebenthal said the incoming cash flow is tremendously strong and the share price will eventually reflect that.

Adam Parker, chief U.S. equity strategist at Morgan Stanley, called 2013 an interesting year because expensive growth stocks continue to get more expensive and hated stocks have now doubled or tripled. Regarding the government shutdown and upcoming debt ceiling debate, he said it should only slightly affect GDP in a negative way. He added that earnings should improve modestly in the third quarter and he likes industrials, technology and health care.

Netflix (NFLX) made new highs and Nathan said it is not a good time to initiate new positions. Kelly added that investors should lighten up or hedge stocks when they go parabolic.

Adami said Netflix reports earnings later this month and that it will probably continue to grind higher until then, but investors should not take their whole position into the report without taking Kelly's advice.
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