This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: Taper Trouble

NEW YORK (TheStreet) -- The broader market ended in the red after the Federal Reserve told investors, through the minutes of its last meeting, that tapering could possibly begin in a couple of months.

Brian Kelly, founder of Brian Kelly Capital, said the Fed finally has an opportunity to taper without shocking the markets and suggested investors shouldn't be nervous. He added the Fed should begin tapering in December. 

Guy Adami, managing director of stockmonster.com, said the S&P 500 still seems likely to get to 1,760 this week. He thinks the Fed is unlikely to taper until at least the spring or summer of next year. 

Stuart Frankel & Company's Steve Grasso said the markets should sell off 4% to 6%. If the 1,760 level fails to hold in the S&P 500, then it should head to 1,730. He suggested long-term investors should stay long. 

Karen Finerman, president of Metropolitan Capital Advisors, said a 4% to 6% pullback isn't that drastic and wouldn't force her to sell any of her positions.

Anthony Scaramucci, founder of SkyBridge Capital, was a guest on the show and said the Fed is unlikely to taper as soon as everyone thinks. He suggested that it will keep "testing" the market by talking about tapering. He added that short-selling is a dangerous play for average retail investors because even if there is a taper it'll only be a trim from the massive stimulus program. 

J.C. Penney (JCP) jumped 8% on Wednesday. Although things are getting better, there are much better places to invest in the market such as Macy's (M), Finerman said.

Adami suggested investors could potentially short JCP near $10.

Kelly said rising gasoline prices could hurt low-end retail chains like Wal-Mart (WMT) or Family Dollar Stores (FDO).

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.25 -0.14%
FB $81.66 -0.67%
GOOG $542.56 -0.99%
TSLA $187.59 -0.63%
YHOO $44.13 -0.69%

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs