'Fast Money' Recap: Time to Take Profits
NEW YORK (TheStreet) -- The Dow Jones Industrial Average fell for the third straight day, the first such losing streak in two months.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said bullish investors should welcome a pullback where they can jump in and buy and thinks the S&P 500 should decline to 1,760.
Brian Kelly, founder of Brian Kelly Capital, said the global economy is doing much better and that interest rates aren't rising uncontrollably as they did in June. He added that it would be good news for the Federal Reserve to taper on good economic data.
Tim Seymour, managing partner of Triogem Asset Management, said European stock markets, such as Germany's DAX, could put in a short-term top if it opens lower and proceeds to close lower on Wednesday.Karen Finerman, president of Metropolitan Capital Advisors, said the current pullback is basically meaningless compared with this year's gains and she has not been tempted to buy yet. Adami said he would take profits in Exxon Mobil (XOM) and would buy Boeing (BA) near $120. Seymour said he would buy Nike (NKE) near $75 and suggested taking profits in Tesero (TSO). Kelly said to buy Ryland Group (RYL) and Finerman suggested taking profits in Hertz Global Holdings (HTZ) above $25. Kelly advised investors to take profits in J.C. Penney (JCP), saying it is not a good stock to short. Seymour said investors can continue to own Apple (AAPL), especially when a deal gets done with China Mobile Limited (CHL). He added that institutional buyers could drive the stock higher in 2014.
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