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'Fast Money' Recap: A Harsh Reality

United States Natural Gas ETF (UNG) popped 2%. Kelly continues to like it but suggested those looking to get long wait for a pulback.

International Business Machine (IBM) dropped 2%. Nathan says he's long via call options because a lot of bad news seems to be factored into the stock.

Adami says Boulder Brands (BDBD) is volatile but could be an M&A target. Kelly added that investors who want to own the stock should use $15 as their stop.

Yum! Brands (YUM) missed earnings estimates and Nathan cautioned traders to let the stock settle for a few days. It should find support in the mid-$60s.

Puerto Rican debt continues to climb, now estimated to be near $70 billion, which is rather large considering the country's size. Alexandra Lebenthal was a guest on the show and said that most of the issuers are rated near "junk" status and fund managers have been selling their positions in Puerto Rico bonds. The bonds are exempt from federal and state taxes, which is one of their key selling points and the reason why over 75% of U.S. municipal bond funds have exposure to them.

Kelly said bond tapering by the Federal Reserve is now off the table until mid-2014, and he would short the iShares 20+ Year Treasury Bond ETF (TLT) if there's weakness caused by the FOMC meeting.

Costco Wholesale (COST) reports earnings Wednesday morning and Nathan thinks investors should listen to what management says about the U.S. consumer.

For their final trades, Kelly is a buyer of Valero Energy (VLO), Khouw said to buy McKesson (MCK) via calls, and Nathan is a buyer of the October expiration $185 calls for International Business Machine. Finerman is selling out-the-money SPDR S&P 500 Trust ETF (SPY) puts against her long at-the-money SPY put position. Adami is a buyer of Church & Dwight (CHD).

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.
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