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'Fast Money' Recap: A Harsh Reality

NEW YORK (TheStreet) -- The markets finally suffered a harsh day of trading due to the government shutdown.

On CNBC's "Fast Money" TV show, Brian Kelly said he's short S&P 500 futures and is targeting 1,620. He added that market fear was evident from the one-month Treasury bond yields, which hit their highest level since 2008.

Dan Nathan said investors are pulling out of this year's big winners and moving into quality stocks including Cisco Systems (CSCO), Qualcomm (QCOM) and General Electric (GE).

Guy Adami wants to see how strong the rally is when there is resolution in Washington and is concerned by the selloff in high-beta stocks.

Karen Finerman said Tuesday's selloff has her slightly more concerned, but is looking at names including Live Nation Entertainment (LYV) and Hertz Global Holdings (HTZ) on a deeper pullback.

J.C. Parets was a guest on the show and said the S&P 500 broke below its 50-day moving average and could work its way lower to 1,625. He added that the lower highs showed less participation from investors, and it concerns him that the market couldn't rally from the FOMC meeting in September. He says the June lows of 1,560 have to hold for the market to continue higher.

Kelly says traders could short LinkedIn (LNKD) and use $240 as a stop-loss and look to re-short if that level holds.

Adami thinks around $200 the stock becomes interesting on the long side and that $240 should be resistance.

Mike Khouw said LinkedIn was interesting because of its extreme overvaluation. He suggested the decline could continue based on the weekly expiration options activity.

Kelly said Amazon (AMZN) could continue to decline $10 to $15 more, before becoming interesting on the long side -- assuming the overall markets are holding up.

Kansas City Southern (KSU) reports earnings on Oct. 18. Kelly says to avoid it while Adami suggests traders wait until afterward earnings before buying.

Nuance Communications (NUAN) was the first stock on the show's "Pops & Drops" segment. Finerman said it seems like investors are disappointed Carl Icahn isn't doing more aside from getting two seats on the board.

TripAdvisor (TRIP) fell 5% and Adami attributed it to the selloff in Priceline.com (PCLN). He said investors should wait before buying.

Masco (MAS) fell 5%. Khouw says there could be downside to $18.

Stock quotes in this article: CSCO, QCOM, GE, LYV, HTZ, LNKD, AMZN, KSU, NUAN, TRIP, PCLN, MAS, UNG, BM, BDBD, YUM, TLT, COST, VLO, MCK, SPY, CHD 

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