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'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, 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).

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