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'Fast Money' Recap: An Up and Down Market

NEW YORK (TheStreet) -- Markets closed lower after the S&P 500 and Dow Jones Industrial Average reached new highs earlier in the session. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said the S&P 500 seems likely to trade down to 1,760 this week. 

Karen Finerman, president of Metropolitan Capital Advisors, said she is not trying to time the market and therefore is staying long equities. 

Josh Brown, a financial adviser at Ritholtz Wealth Management, said the global participation in stocks is helping U.S. equities push higher. He added that a market top usually comes near 17 to 18 times earnings. Presently, U.S. equities are trading at 15.5 times earnings.

Steve Grasso of Stuart Frankel & Company said $116 is the next line of support for Tesla Motors (TSLA), following by $109. 

Dennis Gartman, publisher of The Gartman Letter, was a guest on the show and said he likes coal stocks and the Market Vectors Coal ETF (KOL) seems to have bottomed. He also likes steel, copper and dividend-paying stocks, while supporting a short bond thesis. 

Adami said steel stocks could go higher but he would take profits in U.S. Steel (X), which has hit short-term resistance. 

Urban Outfitters (URBN) was slightly higher after an earnings beat, but Adami said the stock is stuck in "no-man's land." Brown agreed, saying he would avoid the stock for now. 

Brian Tunick, senior retail analyst at JPMorgan  (JPM), was a guest on the show. He said half of Urban's business is struggling from teen retail sales, while the other half is doing well from Anthropologie and Free People. His top picks include Michael Kors (KORS), Ulta Salon, Cosmetics & Fragrances (ULTA), Lululemon Athletica (LULU), and Burlington Stores (BURL).

Finerman disagreed that BURL was a favorable stock to own considering its high valuation and levered balance sheet. 

Brown's top pick is KORS, which should have a stellar holiday season, he said. Grasso likes Abercrombie & Fitch (ANF), with support near $30. 

Salesforce.com (CRM) beat on earnings but provided less-than-stellar guidance. Brown said investors should avoid the stock if it fails to hold the 20-day moving average. 

Grasso said he is a buyer of Potash (POT), which has support at $30 and will benefit if the potash cartel reunites. 

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