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'Fast Money' Recap: Watching the Markets

NEW YORK (TheStreet) -- The broader markets closed lower, led by small-cap stocks.  

On CNBC's "Fast Money" TV show, Karen Finerman, president of Metropolitan Capital Advisors, said she continues to like her long S&P 500/short iShares Russell 2000 ETF (IWM) position and added that the two indices should continue to converge. 

Stuart Frankel & Company's Steve Grasso said it's unlikely for investors to be scared out of stocks due to tapering fears, but he would welcome a pullback to buy. 

Guy Adami, managing director of stockmonster.com, said the market could have pushed higher but has pulled back the previous two sessions. He is targeting the mid-1,700s in the S&P 500. 

For their best end-of-the-year trades, Brian Kelly, founder of Brian Kelly Capital, likes Golar LNG Limited (GLNG). He said investors need to look for stocks that have underperformed the broader market and have near-term positive catalysts. 

Grasso's top pick is Google (GOOG), Adami likes Nuance Communications (NUAN) and Finerman is a buyer of United Rentals (URI)

Grasso said BlackBerry's (BBRY) refusal to split up the company is making it hard for the stock price to rally. Adami said investors should look to sell the bounces rather than buy the dips in the stock. 

Kelly said Apple (AAPL) should continue moving higher on strong holiday sales. A deal with China Mobile Limited (CHL) could push the stock through $700 sometime in 2014. 

Adami said he is willing to miss out on upside potential in Twitter (TWTR) in order to wait for a pullback to the mid-$30 range. 

Adami also said he wouldn't short the 3-D printing stocks such as 3D Systems (DDD) or Stratasys (SSYS) because they have had decent pullbacks and have high short interest. Instead, he suggests investors should go long and hope for continued momentum. 

Grasso also likes the 3-D printing space but is playing via a long position in Hewlett-Packard (HPQ)

Kelly said he covered his short position in Pioneer Natural Resources (PXD) and likes oil on the long side, as well as Ensco (ESV).

Bob Doll, chief equity strategist and senior portfolio manager at Nuveen Asset Management, was a guest on the show. He said 2014 should have good earnings and economic growth, which is why he likes the industrial sector and select technology and consumer stocks. He concluded that we are not in a bubble, which has over-ownership, overvaluation and over-leverage -- none of which is prevalent in today's market. 

Adami said he would be a buyer of Dow Chemical (DOW) on a breakout over $42. 

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